6 Things To Prepare For The Affordable Care Act

Photo Credit: Ken Teegardin

Photo Credit: Ken Teegardin

With January 1st, 2014 nearing, you may be wondering what you need to do to prepare for the Affordable Care Act to ensure your company is compliant.  According to an article I found on www.shrm.com, there are six steps you can follow to prepare your company for the looming changes.  After reading this blog, you’ll have an Affordable Care Act to do list to help you get ahead of the changes that are about to come.

  •  Ensure you’re prepared for the January 1st, 2014 changes Many provisions go into effect starting January 1st.  Below are a few changes you’ll want to make sure your plan complies with: 
    • Unlimited lifetime and annual benefits
    • Offering of preventive services
    • Nondiscrimination rules for fully insured plans 
  • Properly classify employees – the Department of Labor and IRS have both announced that addressing the issue of improperly classified employees are going to be a high priority for audits this year.
  • Employees must be employed by a single entity – Review your corporate structure and resolve any related entity issues.
  • Understand temporary and leased employee agreements – Companies that work with temp agencies may be subject to penalties for employees who are considered “common law”.
  • Don’t alter your plan year – By changing your plan before January 1st, 2014, you aren’t delaying the Affordable Care Act’s effective date.  Any plan you change to will still have to comply with ACA by January 1st, 2014.
  • Find an accounting firm to help you model the ACA – By modeling how the ACA will work in your company and the many different avenues you can take with it, you’ll be better situated to make an informed decision as to what is going to put your company in the best fiscal position possible.

The upcoming months before January, and likely the following years, are going to create many challenges for benefits administrators.  To fill staffing needs during this time, contact Serenity Staffing to help you find the perfect fit for your growing benefits administration needs.  By being proactive, you’ll be well situated to make staffing decisions as well as ACA decisions; both of which have the potential to have a big impact on your company’s bottom line.  Connect with us on Facebook and LinkedIn to stay on top of upcoming HR news pertaining to trends, inventive ideas, and benefits!