1 / 12

What Every Employer Needs to Know about the Affordable Care Act TODAY!

What Every Employer Needs to Know about the Affordable Care Act TODAY!. By: Arthur Tacchino, JD Chief Innovation Officer SyncStream Solutions, LLC. Exchanges. Individual Exchange Marketplace Subsidies available for eligible individuals Biggest issue so far is glitches in technology

thu
Download Presentation

What Every Employer Needs to Know about the Affordable Care Act TODAY!

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. What Every Employer Needs to Know about the Affordable Care Act TODAY! By: Arthur Tacchino, JD Chief Innovation Officer SyncStream Solutions, LLC

  2. Exchanges • Individual Exchange Marketplace • Subsidies available for eligible individuals • Biggest issue so far is glitches in technology • SHOP – Small Business Health Options Program Exchange • Online application delayed until November 1 • SHOP functionality delayed until 2015 • Choosing from all plans on a tier of coverage

  3. Government Shutdown/Debt Ceiling • Does it affect healthcare reform? • NO! • What is on the table for negotiation? • Medical device tax delay • Reinsurance tax delay • Individual mandate delay • Proposal to change full-time to 40 hours a week

  4. Exchange Notification • Employers required to provide a notice of the exchanges to employees by October 1, 2013 • Q: Can an employer be fined for failing to provide employees with notice about the Affordable Care Act's new Health Insurance Marketplace? • A: No. If your company is covered by the Fair Labor Standards Act, it should provide a written notice to its employees about the Health Insurance Marketplace by October 1, 2013, but there is no fine or penalty under the law for failing to provide the notice.

  5. Applicable Large Employer Status Check • When? • At the end of 2013 • Throughout 2014 • Why? • If you are an “applicable large employer”, then you are subject to the Employer Shared Responsibility Tax

  6. A.L.E. Tiers • 0 to 30 FTE’s In the clear! • 30 to 50 FTE’s Caution! • 50 or more FTE’s All hands on deck! • Documentation is king!!! Beware of IRS auditing!

  7. A.L.E. Status • How? (monthly calculation) • Step 1: Identify full-time employees (30 or more hours a week) • Step 2: Aggregate hours of service by non-full-timers • Step 3: Divide aggregate hours by 120 • Step 4: Add number of full-time employees from Step 1 to the result of Step 3. This is the number of full-time equivalent employees for the month • Step 5: Average this number each month throughout 2014 • If 50 or more, then Applicable Large Employer

  8. M.A.S. Setup • Measurement Period – 3 to 12 months • Administrative Period – 0 to 90 days • Stability Period – the longer of 6 months or the length of the Measurement Period • Tracking hours worked by non-full-time employees • Information used by IRS to determine penalties for ALEs

  9. What is coming in 2014? • Total prohibition on pre-existing condition exclusions • Guaranteed availability and renewability • Individual mandate • Exchanges • Rising premiums!

  10. What can you do? • Evaluate your strategy • Decrease contributions • Drop coverage • Change plans • Shift full-time employees to part-time status

  11. Utilize Resources • ACA Decision Support Tool • ACA Dashboard • Subsidy Determinator • SyncACA

  12. Q & A Visit us at www.sync-stream.com Call: 877-291-9256 Email: infoabout@sync-stream.com

More Related