The Affordable Care Act has brought on many changes for organizations since its implementation. For businesses with 50 or more full-time employees, the biggest change is the obvious – organizations are no longer able to opt-out of providing healthcare benefits to employees without paying a penalty.
Keeping up with all of the changes involved with The ACA can be complicated. Here is a brief breakdown of the changes you should be aware of as they affect your company:
Marketplace notice. The ACA requires employers to provide information on the Health Insurance Marketplace to employees. The notice should inform employees that they may be able to get a tax-credit with private insurance in the Marketplace, and that if they purchase insurance through Marketplace, they risk losing employer contribution to their health benefits.
90-Day waiting period. For employers who offer health insurance to employees, the offer must be provided to eligible employees within 90 days of their hire date.
Summary of Benefits and Coverage (SBC). In order for employees to better understand their health insurance options, employers are required to provide an SBC form to employees to explain what their health plan entails and costs. A new SBC template goes into effect on April 1, 2017 (for plans that renew before April 1st, they will use the new template on their next renewal).
Applicable Large Employer (ALE) reporting. In order to verify the eligibility of individuals who received tax-credits on the marketplace and to ensure employers are offering coverage, employers who are deemed an ALE must provide individual and organization-level reporting to the IRS.
For more information on how you can align your business with the changes of The Affordable Care Act, contact one of the specialists at JA Counter by calling (715) 246-3811.