Let’s say you own a business with over 50, but under 100 employees, and you offer an affordable group health insurance plan. You’re clear from any responsibilities under the Affordable Care Act, right? Think again. Starting January 1, 2016, you will be subject to the same reporting requirements employers of over 100 people are currently managing.
What do the ACA reporting requirements mean for your business?
With the adoption of the ACA came additional paperwork that is tied to payroll reporting requirements. Now, employers have to send information to the Internal Revenue Service about their employee group health benefits, and they have to provide the value of that program to their employees. Formulas for determining full-time employee status have also changed and can have a great effect on determining accountability under the ACA. The penalties for miscommunicating this information are substantial, making it important that your Human Resources Administrator fully understand the complexities of these new reporting requirements. (Click here to learn more about the penalty structure that will affect businesses with 50+ employees 1/1/16).
There is no need to figure out this new world all on your own! Wharton Insurance and Financial Services has many options to help ensure all of your bases are covered. We can guide you through the decisions surrounding offering affordable group health care coverage. We can help your employees find individual coverage if you want to disband your program. And, we can provide resources for managing the new intricacies of being an employer under the ACA. Send us an email, or give us a call at 317.663.4138 for more information.
