Understanding and Complying with the Affordable Care Act

By November 15, 2013Blog

Recently SWK Technologies has teamed up with Dresser & Associates so that we can better service your company’s needs and, in particular, help to support your Human Resources and Payroll functions.

Dresser & Associates is Sage’s leading HRMS solution provider and we work closely with SWK to provide support and resources which will allow their customers to remain competitive and to help them better meet their business needs. Dresser provides a wide array of support programs and resources that allow our customers to do their jobs more efficiently and stay in compliance with the ever changing federal and state laws. With our close relationship to SWK, we now want to make those resources available to you and your company.

This blog post is an effort to keep you informed about important information and resources that are available to you.

Affordable Care Act (ACA) – This is a very complex and far reaching piece of legislation that has a significant impact on all businesses. We’ve put together a number of resources and links that can help you navigate and manage the process of staying compliant and mapping a strategy that minimizes risk and maximizes rewards for your organization.

  • Whitepapers, Survival Guides and Other Documents – To access these documents, please click here
  • Understanding and Complying with the Affordable Care Act – See below for information, a list and a link to a number of other resources.
  • Free Compliance Webinar – “The Benefits of Compliance to HR Organizations: Identifying and Adopting Best Practices”

Compliance–the very thought of implementing an HR “compliance system” typically strikes terror in the minds of HR managers and IT professionals alike. Attend this live webcast and learn what an HR best practice compliance system consists of, its benefits to your HR organization, and how to achieve it cost-effectively.

The amount of time and money required for an HR organization to adopt a system of “best practice” HR compliance rules can be considerable. And yet most–if not all–HR organizations will readily admit that the concept of compliance and operating by a set of best business practices within their HR departments can yield significant benefits.

Webinar Date: Nov. 26th- 1-2pm EST

  • To register, please contact Nicole Goldstein of Dresser & Associates at NGoldstein@dresserassociates.com or call 866.885.7212
  • Additional Whitepapers Available – For a copy of these whitepapers and more, please contact Nicole Goldstein at NGoldstein@dresserassociates.com or click  here
  • Outline of Federal Employment Law Recordkeeping Requirements
  • Avoiding Costly Fines: A Guide to Compliance Mandates

 Understanding and Complying with the Affordable Care Act

On March 23, 2010, President Obama signed the Affordable Care Act (ACA).  The goal of this comprehensive health care reform initiative is to ensure that all Americans have equal access to affordable health insurance and that consumers will have more control over their health care.  The ACA is getting a lot of press these days and you might very well be getting asked questions from your employees.  It is important that you are able to answer questions as they arise or be able to direct your employees to resources where they can get help navigating through this new legislation.  Employers also need to be prepared for the regulations that are coming later this year and in 2014 that will affect them.   By doing your due diligence now, you will be better prepared for compliance with the Affordable Care Act.

The Health Insurance Marketplace opened on October 1, 2013.  It is a new way to find quality health coverage.  With one Marketplace application, you can learn if you can get lower costs based on your income, compare your coverage options side-by-side, and enroll. Regardless of whether or not they offer a group health plan, all employers except for the relative few that are not subject to the Fair Labor Standards Act (FLSA), are required to provide a written notice to their current employees regarding the coverage options available under the federal health insurance Marketplace by October 1, 2013 (links to model notice templates can be found below).   Current employees include all employees who are hired on or before Oct. 1, 2013.  The Notice must be given to full-time, part-time, temporary, and seasonal employees.  For 2014, all employees hired after Oct. 1, 2013, must receive the Notice within 14 days of their hire date.  Although the Department of Labor (DOL) will not fine or penalize employers for failing to provide the notice by this date, employers should make a good faith effort to comply with the notice requirement.

It is important to note that beginning in 2014, under the federal ACA, a large employer will have to pay penalties to the IRS if it does not offer affordable health care coverage to its full-time employees and their dependents.   If you think you might fall into the category of a “large employer” (an employer group that employed an average of 50 or more full-time employees or full-time equivalent employees during at least six consecutive months in 2013), start counting now so you can see where you might be come January 1, 2014.  The U.S. Small Business Administration can help guide you through the calculations and answer many questions you might have about Employer Shared Responsibility Provisions, Health Insurance Coverage Reporting Requirements, Employer Notification of the New Health Insurance Marketplace, Summary of Benefits and Coverage (SBCs) Disclosure Rules, Medical Loss Ratio Rebates, W-2 Reporting of Aggregate Health Care Costs, Limits on Flexible Spending Account Contributions, Additional Medicare Withholding on Wages, 90-Day Maximum Waiting Period, Transitional Reinsurance Program Fees, and Workplace Wellness Programs.

Below are links to model notices and information that should help answer some questions you or your employees might have about the ACA.

Dresser & Associates is here to help you understand and prepare for compliance with the Affordable Care Act:

In addition to help on line, you can call Healthcare.gov with questions 24 hours a day, 7 days a week.  Call 1-800-318-2596 (TTY: 1-855-889-4325).

SWK Technologies, Inc.