Is Your Company Ready?
The Affordable Care Act (ACA) has a number of new provisions that will impact your company in 2014. Whether or not your company meets the "more than 50 employee test," the ACA will affect your plan.
The new provisions are complicated, and the cost of non-compliance can be quite onerous. It is imperative you prepare now to comply with the new laws and develop strategies that are most effective for maximizing the value of your health care program.
The following are some of the key questions that every company should answer before 2014:
- Does the health insurance currently offered to your employees meet the minimum standards under the new law? Is the health insurance offered to employees considered "affordable?"
- How will the 2014 provisions of the ACA impact your insurance rates?
- Does it make sense to utilize the exchange for offering health insurance to your employees?
- If an employer is currently using as a "self funded" plan, how will it be impacted by the ACA?
Addressing these questions as soon as possible will help avoid the monetary penalties under the new law and ensure that your plan best fits the health care goals of the company.
We understand that many have started planning for the new provisions, but if you have any questions about steps you may need to take, please do not hesitate to contact your Meaden & Moore representative, Pete DeMarco at 216.928.5345, e-mail firstname.lastname@example.org or Eritt Sinkko at 216.928.5347, email email@example.com.