Since the Patient Protection and Affordable Care Act (PPACA), also known as Obamacare, first passed in 2010, there have been several modifications to the original legislation. Employers with between 50 and 99 full-time equivalents (FTEs) are now required to offer appropriate coverage by January 1, 2016. Employers with 100 or more FTEs were required to offer appropriate coverage to at least 75 percent of their qualified workforce by January 1, 2015, and to at least 95 percent of their qualified workforce by January 1, 2016. Employers are at risk for new tax filing forms that are due January 31, 2016, based upon 2015 employee information. Failure to file could lead to fines of as much as $250 per employee.
Ron Present, Partner and Health Care Industry Group Leader, has more than 25 years of experience in health care consulting and operations and has consulted organizations in several industries about the ramifications of Health Care Reform. Despite the many Health Care Reform postponements and adjustments, it is important for employers to be aware of regulations, identify potential risks and prepare for them. If you answer no to any of the following questions, you may be at risk for penalties and potential litigation with the implementation of Health Care Reform.
- Are your employees easy to recruit and retrain? Health benefits and paid time off are the most important benefits to employees and a critical reason for hiring decisions.
- Do you have a risk compliance program? PPACA regulations and requirements should be a critical part of your risk compliance program with specific risk mitigation strategies identified.
- Do your HR policies and procedures and employee handbook reflect the definitions of full-time, part-time and variable-hour employees since the implementation of Reform? PPACA regulations have created new and refined definitions for each category of employee.
Developing a Health Care Reform strategy that best fits your organization is crucial. At Brown Smith Wallace, we work with our clients to develop practical solutions for the mandated requirements they must follow. Some of the cost-reducing solutions we have strategized with our clients include:
- Private insurance exchanges options
- Self-insurance programs
- Professional Employment Organizations
- Workforce reorganization
- Benefit plan analysis
- Transitioning from a small employer to a large employer (by Reform definition)
- Tax strategies including captive insurance plans
- Employee handbook and job descriptions review and modifications
- Solution providers’ systems and tools
Contact Ron today to develop and execute a Health Care Reform strategy tailored just for you.