Employers, take note. The Affordable Care Act (ACA) is affecting every one of you – administratively, financially, and otherwise – more than you realize. In particular, it will influence how you design and make health care benefits available to your employees. You vitally need to understand the implications, especially the financial risks involved. After all, failure to comply with the ACA could spell heavy penalties – possibly stiffer than you suspect – reaching into the millions of dollars, unless you start planning properly right now.
Our direct experience with our clients shows that employers remain largely unaware of the multiple challenges of the requirements now in place and the potential long-term financial consequences. More serious still, many employers are unprepared to document and report data with sufficient accuracy to avoid or minimize the penalties that can readily be incurred. Make no mistake: this threat is real. And time for planning is running out fast.
That’s the primary rationale for this brief – a wake-up call that offers actionable, practical advice. It will spell out how employers can adopt strategies to make well-informed decisions. In the bargain, employers will learn the options available – not only how to do right by their employees and save money, but also achieve full compliance with the law. In short, it’s important you understand what the law says, what it means to you, and – the biggest concern of all – what actions you need to take.
- Avoiding the “Catastrophic Tax”
- Avoiding the “Lesser Tax”
- Conducting an Excise Tax Liability Analysis
- Documenting the Offer of Coverage
- Doing Due Diligence on Non-Calendar Year Plans