As the year comes to a halt, changes in the Affordable Care Act lie ahead. Accompanied by those changes will be some challenges to face. Most susceptible to these challenges is the service industry including food service, retail, lodging, transportation and many more. Many employees in these industries are not long-term, especially the seasonal associates hired for the holidays.
A specific, pertinent challenge to employers is the increase in cost of insurance for their employees. Fortunately, there are actions that can be taken to minimize the costs. Such options include wellness programs which reward people who meet a specific standard. Participating in these programs can be both beneficial to employers and employees. They foster a healthier, more active lifestyle for staff members and let’s be honest, we all need a little push in the right direction.
Another feared challenge of the instituting of ACA is compliance. There is less concern here than we think. The standards for meeting compliance levels are fairly low and to much surprise, many organizations already meet the standards. As for those who don’t, only mild changes will be required.
Inevitably, the ACA is most likely going to affect your company. The best defense is to be prepared. Enlighten yourself and enlighten your employees. Find out if your company meets the standards and if not, find out what needs to be done in order to. Be ready with a plan and know what changes are going to come into play. With that, you’ll be ready to face the new year and what comes along with it. Reach out to us. We’ll be ready to guide you through the steps you need to take. Call us at (804) 355-3430.