Goodbye AHCA, hello ACA. Again. While President Trump’s attempt to repeal and replace the Affordable Care Act (ACA) with the American Health Care Act (AHCA) has left many Americans relieved that their healthcare will remain in place, it’s a warning to employers for many reasons. For one, the ACA Employer Mandate will now remain—as applicable large employers must still offer healthcare to 95% of their full-time and full-time equivalent employees or face penalties.
While many states were attempting to enforce a “play or pay” law, which would place more of an onus on employers paying for healthcare costs, the red tape involved would be greater now that the ACA will not be repealed. However, some states may still pursue it, thereby making the responsibility for employer-sponsored healthcare even greater.
There is much more to it, however. Employers who assumed there would be no Affordable Care Act by year’s end must now readjust their plans. Here are some tips on how to stay in the clear now that the ACA remains.
It sounds simple, but for many large employers it can be confusing. The Affordable Care Act has many mandates, all of which carry different forms. Make sure those forms are all completed, organized efficiently, and within reach should the IRS request them at any time.
ACA compliance should still be a priority within your organization. If you already have a strategy in place and it’s been effective, then stick to it. If you haven’t, it’s time to start. Need some help? Click here.
Keep key dates in mind.
While dates for physical and electronic form filings and information reporting see many extensions, it’s important to be abreast of hard deadlines. ACA-related penalties are big and projected to get even bigger. Don’t let late paperwork make you a part of that growing expense.
Get an early start on 2018.
Yes, the 2017 tax season for the 2016 tax year is still in progress, but that doesn’t mean you can’t be proactive. 2018 will be here before you know it, so maintaining a compliance strategy and organizing paperwork now won’t hurt. It can also save you money in the long run.
Don’t get too comfortable.
Understand this: not everyone is pleased that the AHCA was a failure. You may even be one of the displeased, but also understand that the rules of the ACA will prevail until further notice. However, that doesn’t mean change can’t happen quickly. Be malleable.
We’re committed to helping companies reduce risk, avoid penalties, and achieve 100% ACA compliance. For questions about the ACA contact us here.