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Despite its many complications, the Patient Protection and Affordable Care Act (ACA) seems here to stay. What does that mean for compliance? According to the article Ready for Anything: Adopting a Winning Strategy for ACA Compliance via This is Real Law, 3 key elements can "help employers win the war and prepare for anything."
Know Your Employees - As a critical first step, employers need to rally their troops and initially determine where they stand as defined by their employee information. It will then be clear whether they are subject to penalties or qualify for a credit, and how they can count employees in relation to other rules.
Know the Field - One of the core provisions of the ACA is the employer shared responsibility mandate—also known as “pay or play”—which requires organizations with more than 50 full-time employees to provide coverage or risk paying a penalty. With this, employers should be aware of the differences between coverage penalties and the options for transition relief that currently exist. When that is done, it is possible to make a calculated guess concerning how much it would cost per employee to either pay the penalty or provide coverage.
Manage the Uncertainty - For all the uncertainty and strong opinion surrounding the ACA during its brief existence, one fact remains: the changes it brings are likely to become embedded in the fabric of American life. Indeed, according to the Pew Research Center, even the legislation’s majority of opponents now want to see Obamacare work.
Still, no one can predict how the law or its regulations may change or if costs will rise or fall over time. The key to a winning strategy for compliance starts with tallying the troops and understanding employer responsibilities as an essential foundation for weighing options. Information and insights gathered now will help employers prepare for whatever lies ahead.
This article is courtesy of This is Real Law site.