Are you aware of the myriad of possible unnecessary penalties that can occur with violations of the Affordable Care Act? By now you’ve been informed of various possibilities, but they are laid out below in one infographic.
The reasons of course vary: lack of minimum essential coverage for employees, delayed information reporting, lack of affordable healthcare offered to workers, and failure to comply with waiting period limitations for coverage.But as both large and small businesses that have paid penalties can attest, the expense of mistakes can lead to hundreds of thousands of dollars; even over a million.
With 2015 filings, the margins of error were great as the ACA still left gaps in information. However, with 2016 filings headed our way, penalties are an unnecessary evil that can be prevented. Check out the infographic below for information and key dates on penalties and the price that they come with.