With new health care laws recently coming into effect, vast confusion overcomes us. Many businesses are probably still trying to answer the question, “What does this mean for me?” Luckily, the answer to this question is more tangible than you might think. Simple steps can be taken to make the transition go more smoothly.
First and foremost, educate yourself and your staff about the Affordable Care Act, the new healthcare that has come into play. The Internet is a powerful thing; use it to research the changes your company has to undergo and compliance requirements. Under the new health care laws, providing healthcare for your employees is going to cost you, but know what you’re up against ahead of time, that way expenditures won’t increase anymore as a result of mistakes or ignorance.
Track enrollments of your employees in order to avoid penalty fines and maintain compliance for health care. If your company has 50 or more full-time employees, it is required under ACA to offer them minimum, affordable coverage for them or be fined. By the beginning of the upcoming year, companies with 200 or more full-time workers must automatically enroll their new employees in the group coverage, so keep a look-out for that.
Talk to your staff and enlighten them. Let them know they have options. ACA has provided cost-effective tools to provide them with the knowledge they need. W-2 forms are now required to include the value of group health care coverage and employers are required to give notice to their employees with information about the availability of coverage by public exchanges.
Embrace what ACA has to offer and turn it into something positive. Knowledge is power, so be prepared and in the know at all times. That will better the productivity of your company and lessen your risk for mistakes and penalties. Manage and integrate all aspects of human capital in your company and use it as an advantage. In doing so, you can oversee and control assigned hours, calculate health care eligibility for each of your employees and make your administrative tasks and processes more simple. If you’re interested in saving extra time and money, associate yourself with a company that can provide a cloud-based Human Capital Management system. There are ways to embrace the challenges that come along with ACA. Stay empowered and educated and with that, you’ll be able to take ACA head-on.