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Are You Ready for ACA Reporting?
Since its passage in 2010, The Affordable Care Act (ACA) has generated considerable attention. In general, the purpose of this legislation was to ensure that people have access to quality, affordable healthcare. This legislation will have a sweeping impact on organizations and individuals as everyone struggles to understand the requirements of the regulations and develop a plan of attack to deal with the increased reporting obligations.
While coverage requirements of the law is receiving the most attention, there is still very little understanding or awareness of some of the key components. Up to this point, both businesses and insurers have focused on validating that the coverage they offer is meeting Minimum Essential standards. However, one aspect of ACA legislation that has failed to get the appropriate attention is the required reporting. Without question, this will be one of the more important aspects of the ACA because it will touch every provider, employer and individual in the United States. The reporting provisions are fundamental to the legislation, and will mean hundreds of millions of new tax forms and filings that will have to be processed by corporations and health insurance providers.
Organizations need to understand and act now to implement reporting strategies. Organizations that begin planning now will be in a better position to reduce or avoid penalties from incorrect filings in the future.
I will be speaking about ACA Reporting at a free seminar October 1, 2015, along with other knowledgeable professionals in order to help you make the right decisions, now. This seminar is free and you can learn more (and register) by clicking here.
We look forward to seeing you there.
"We feel very passionate about our helping our clients reduce liability and improve their workplace through sound HR and benefits practices."
Sincerely,
Larry Lawman
Lawman Benefits Consulting, Inc.
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Breaking News...
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Benefits Remain a Key Tool for Retention/Recruitment
In spite of major changes in the healthcare landscape, small-business owners looking to recruit and retain top employees still need to pay close attention to their benefits offerings. According to the 2015 Aflac WorkForces Report for Small Businesses, a majority of workers employed in small businesses are willing to consider a job with slightly lower pay but better benefits, while half of potential job-changers say improving their benefits package could keep them right where they are. With the U.S. Bureau of Labor Statistics' July 2015 unemployment rate at 5.3%, small businesses realize the battle for talent is getting tougher. As a positive sign of their hiring ambitions, the Aflac study found more than one-third (34%) of decision-makers expect to hire full-time employees, while 28% believe they will hire part-time employees in the next 12 months. Continuing to offer benefits to recruit and retain employees is important to meeting workers' preference for strong benefits packages.
Small-business owners appear to be listening. While their top business objective in 2015 continues to be controlling costs, the 2015 Aflac study found that the percentage of small-business employers offering voluntary insurance to employees compared to 2014 has increased from 18% to 22%, a move that may be leading to more satisfied employees.
Compared to those not offered voluntary benefits at work, small-business employees enrolled in voluntary benefits are more likely to be very or extremely satisfied with their jobs and their overall benefits packages as well as are more likely to believe the benefits package offered by their employer meets their family needs well.
As competition for top employees heats up, employers know they need to ante up when it comes to compensation packages. It seems that healthcare benefits, both major medical and voluntary benefits, are prime areas to upgrade in order to lure and hold onto top talent.
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Market Update...
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Healthcare Benefits Cost Increases to Hold Steady in 2016
Health care benefit cost increases at large employers are expected to hold steady in 2016, due in large part to changes employers are making to their benefit programs. At the same time, nearly half of large employers say if they don't take additional measures to control costs, at least one of their health plans will reach the threshold that triggers the "Cadillac" excise tax under the Affordable Care Act in 2018, according to an annual survey released by the National Business Group on Health, a nonprofit association of 425 large U.S. employers.
According to the survey, employers project their health care benefits costs will increase 6% in 2016, the same increase employers would have experienced this year had they made no changes to their plan design. However, many employers expect to keep increases to 5% for the third consecutive year by making plan changes, such as increasing cost-sharing provisions, adopting consumer-directed health plans, and expanding wellness initiatives.
"The need to control rising health care benefits costs has never been greater," said Brian Marcotte, president and CEO of the National Business Group on Health. "Rising costs have plagued employers for many years, and now the looming excise tax is adding pressure. Employers only have two more years to bend the cost curve before the excise tax goes into effect in 2018. And while employers are pursuing several strategies to keep their plans under the excise tax threshold, they estimate their actions will only delay the impact by two to three years."
While no employers plan to eliminate health care coverage and pay the penalty for not doing so, some employers continue to look at the viability of private exchanges. By 2016, 3% of respondents will have moved their active employees to a private exchange. Contrary to the active population, the trend of employers partnering with a private exchange for retirees is growing. By 2016, nearly a quarter of respondents (24%) will offer retirees coverage through a private exchange versus just 10% in 2013. Read more here.
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