With so much information and misinformation about health reform, many businesses find it hard to keep everything straight. That said, the worst thing a business can do in relation to Health Care reform is nothing.
Health reform impacts nearly every employer in the U.S., and the fines for noncompliance can be significant - tens of thousands of dollars, if not more, depending on the size of your organization.
Here are some dos and dont's for Health Care Reform you should keep in mind, which can help you avoid hefty penalties for noncompliance:
- Count your employees
- Provide your employees with their Exchange Notice within 14 days of employment
- Calculate your tax penalty if you either don’t offer coverage at all, don’t offer your health plan to every employee, and/or don’t make it affordable
- Report the premium on the employee’s Form W2
- Implement a major medical or a MECAMV plan to avoid the employer penalty
- Review the new 1094/1095 tax forms
- Delay consulting with FrankCrum
- Terminate an employee to avoid providing coverage
- Make employees wait more than 90 days for coverage
- Think health care reform is going away any time soon
- Think that because your companies have different FEIN’s the employer mandate doesn’t apply
- Forget that your employees have a tax penalty facing them, too, and they will be looking for a new employer who provides them a solution – if you don’t
When it comes to Health Care reform, don't delay or push the issue aside. Noncompliance with changing regulations, such as the Affordable Care Act (ACA), can end up costing you big - in capital and tax penalties, as well as employee satisfaction.