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The looming implementation of another round of employer mandates under the Affordable Care Act (ACA) has business leaders scrambling for help from legal counsel and other advisors. This flurry of activity is prudent; compliance with ACA is a matter of federal law and many penalties for failure to comply are severe. Employers who do not meet their implementation responsibilities face potential company fines of up to $3,000 per employee, per year, and employers who fail to offer adequate health plans under the ACA could be hit with excise taxes of as much as $36,000 per employee, per year.
But how can you prepare your clients for the looming implementation of ACA mandates? There are a few factors for employers to consider when deciding whether or not to provide coverage:
For a large employer, the cost of employer coverage vs. cost of the penalty;
Competition for finding new employees in the labor market due to turnover if the employer chooses not to make employees fully or partially whole (and they move to an organization that does); and,
Legal and other operational costs of maintaining a plan in an evolving legal environment.
Are you still trying to stay ahead of the curve with ACA Compliance? Download a LexisNexis® White Paper with Cynthia Stamer, ACA Compliance: Getting Ahead of the Curve. Also, register now for a complimentary webinar about this topic scheduled Tuesday, Sept. 9 at 2 p.m. (EST) This webinar is sponsored by LexisNexis and is a CLE-accredited webinar, with 1.5 CLE credits are available.
Download the White Paper >>
Register for the webinar >>