HEALTHCARE REFORM PLANNING & COMPLIANCE
The Patient Protection and Affordable Care Act (PPACA) is actively evolving and requires employers and individuals alike to have a responsive understanding of it.
The initial open enrollment date for state and federal exchanges (also known as the health insurance marketplace) is October 1, 2013, after which it will be November 15th to December 15th annually. Because of the enormity of this brand new legislation some of the regulations that pertain to it are still being developed, or in some cases redeveloped based on public feedback. What this means for employers is that they must proceed with the regulations in place in good faith to the best of their ability, and in the spirit in which the law is intended. It also means that employers must remain abreast of changing requirements and respond accordingly. Corporate Financial can provide the necessary guidance and resources to keep your organization on the path of compliance that mitigates penalties, fees, and fines by answering questions like:
- Will exchanges be ready and what will they look like?
- How many employees will be eligible?
- What is the best way to properly count employee hours without disrupting business?
- How should we proceed?
- What’s the penalty for non-participation?
Getting answers may seem to just raise new questions, making it advisable for employers to take a proactive stance and position themselves to be adaptable to the complex requirements of healthcare reform. Proper planning and action is needed to get a firm grasp on the various scenarios that PPACA presents and deciding on the best strategy. Employee communication and ongoing education regarding the implications of implementing PPACA requirements is an important element of this employer strategy, and Corporate Financial is a valuable resource to clients in meeting these imperatives.