Recent surveys have shown that employers are concerned about how the Affordable Care Act (ACA) will drive up operational costs and affect business. These survey results indicate that companies need to put a solution in place to mitigate these issues and adjust to the new health care law’s provisions.
Since the ACA was implemented, there have been questions from employers, both in regard to their tax information reporting responsibilities and their obligations for offering coverage to employees. It is obvious that the task will require new operational demands and costs, and there’s no clear answer as to what internal department will handle those duties.
One report from the International Foundation of Employee Benefit Plans (IFEBP) found that more than one-third of its survey respondents said they would describe themselves as compliant with the ACA and are working toward a strategy to remain in line with the regulations. Furthermore, one in five said they are adhering to the law and already have a multiyear plan for ACA regulations, and 14.1 percent predicted that the health care law will have a positive effect on their organization.
The ACA is a lengthy law, comprised of 2,700 pages and an additional 15,000 pages of regulations and guidelines. Furthermore, since it was created, it has been altered at least 30 times.
Without a doubt, ACA reporting and compliance will present unique challenges for employers. However, there are options available from third-party vendors that have an understanding of the regulations and what employers need to do to avoid costly penalties.
Check out our education section for more about ACA reporting requirements for large employers.
