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Thousands of businesses took a wait-and-see attitude towards the
Patient Protection and Affordable Care Act ("ACA"),
believing that the Supremes would eventually invalidate the ACA.
Well, they didn't and whether you agree or disagree with the
decision upholding the ACA's constitutionality, it's time
to take the proverbial head out of the sand and act. The full law
goes into effect in 2014 and employers who don't start
preparing now may very well find themselves in a "taxing"
situation.
To meet the numerous ACA mandates that will unfold over the next
few years, businesses should focus on the three C's –
communication, compliance, and cost control. Employers should plan
now for how they will capture and store employee data, organize it
in a reportable form to the government and ensure compliance with
all reporting requirements. Keep in mind that the ACA requires much
more than a few report filings and company-wide health insurance
audits.
Even if the ACA does not apply to your company because you have
fewer than 50 employees, consideration should be given to the tax
credits and improved small business growth opportunities available
if you do comply. Even if you think that your current health care
plan is "grandfathered," understand that the employer
mandate is tricky and retaining grandfathered status is not so
easy.
If the sand is looking mighty tempting to burrow in for just a
little while longer, remember that 2014 is less than eighteen
months away ....
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Issues After The Election
