Health Care Reform

Health Care Reform

 

What is Health Care Reform?

There is nothing more pressing on the minds of business owners these days than Health Care Reform and what it might mean to them and to the businesses’ bottom line.  The Patient Protection and Affordable Care Act (PPACA) was signed into law by President Obama in March, 2010. After many challenges, based upon many differ­ent arguments, the United States Supreme Court upheld the constitutionality of the law in a decision written by Chief Justice Roberts in June 2012. As such, while various details of PPACA are changing and evolving, the law itself is here to stay and business owners cannot ignore its requirements.

What This Means For Your Small Business

Understanding Health Care Reform is overwhelming, but implementation and compliance is going to be even more daunting. If you are an employer, small or large, PPACA will in some way affect your business. Health Care Reform is this nation’s new reality and must be addressed for the continued success of your business. Regulations are changing weekly and if you fail to be informed, you are placing your company at risk of increased costs and penalties.

Questions You Should Be Asking Today

Trying to understand Health Care Reform more often than not creates more questions than answers. But some of the more important questions include:

  • What is an exchange?
  • What is the Individual Mandate, and as a business owner, why do I have to worry about it?
  • What is the Employer Mandate and how will I know if my business is subject to it?
  • How do I calculate my full time equivalent employees?
  • Am I considered a “Large Employer”
  • Can I avoid being a large employer by having only part-timers on staff?
  • What is this “Play or Pay” that I keep hearing about and penalties that my business might incur?

 

Do You Have A Plan Of Action?

So you feel that you have enough of an understanding of PPACA to make an educated decision as to whether you want to offer health care benefits or if it makes sense to pay the penalties, but here are some other things to consider:

  • Your employees will have lots of questions about Health Care Reform that you may or may not be able to answer
  • Your state exchange products are generally limited to medical coverage only. You’ll still have to find solutions for dental, vision, life insurance and other ancillary benefits to stay competitive
  • Benefits are an important tool if you want to be an employer of choice
  • Multi-state businesses and those with out-of-state employees may encounter different reporting and operational challenges from state to state

Is There A Cure To The Chaos?

Alcott HR is a dedicated HR outsourcing resource that has over 26 years experience providing comprehensive HR solutions for small businesses. Payroll, benefits, HR, tax administration and regulatory compliance are some of the many services Alcott HR provides to small and mid-sized growing businesses across the country.

Working with Alcott HR, our clients experience

  • A level playing field with larger companies as they can now offer big-company benefits
  • Reduced liability as an employer
  • A higher predictability from both a cost and operational standpoint
  • Reduced administrative burden as Alcott’s fully staffed HR department lets them focus on what they do best, their business
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