“Like most five-year olds, [the ACA] still needs direction” – James Klein, president of the American Benefits Council.
It’s been five years, the employer mandate is in full effect. How has it been effecting your business and your clients? Has it done all it promised to do or has it been more of a burden? Many industry experts are saying the Affordable Care Act has forced employers to alter their business practices to comply with the new laws.
According to Employer Benefit Adviser, employers have said they have been forced to drop or alter their benefit offerings, hire brokers to keep them abreast of the changing laws and for many, spend an increased amount of time administering their company’s employee benefit plans. Is that what the ACA was designed to do?
Sally Roberts, the Director of Human Resources at Morris Communications Company testified to the U.S. House of Education & the Workforce Subcommittee on Health, Employment, Labor and Pensions and said, “The ACA has made benefits much more complicated than they ever were before.” She says she spends twice as much time administering health care benefits for her employer than before the ACA was enacted. What can you do as a business owner or broker to ease these burdens?
In a hearing about the individual and employer mandates, Scott Womack, president of Womack Restaurants told the House Ways and Means Health Subcommittee that, “The reporting required is costly, complex and confusing. All employers have had to either create or buy new software as we have, or contract with a service to do so.”
What is the worst case scenario? Penalties right? Penalties that could potentially put you out of business.
Ease the burden and receive some peace of mind. Use our blog as a resource to help educate and calm the nerves of your clients.
We have a catalog of very informative webinars by ACA legal expert, Kaya Bromley and as always, we are here to answer your questions.