AFFORDABLE CARE ACT
BY: ANDREW TURNBULL STERLING INSURANCE
Repeal And Replace? Not So Much:
What The ACA Means For You
If you’ ve been following the news, even at a cursory level, over the last year, you will likely have seen the spectacular failure of the repeal-andreplace initiative which was meant to significantly change the healthcare landscape by removing the Affordable Care Act( ACA) and replacing it. The reasons why that initiative failed, political and otherwise, are not as important( or even relevant) as the consequences of the failure. The fact is, Congress was simply not able to come up with a fix or a valid replacement for the ACA, so now businesses and individuals are stuck with what is currently on the books.
The issue leaves people in the same state they were in before: trying to navigate through the ACA to determine what still applies and what doesn’ t. The fact that it changes each and every year doesn’ t help matters. The ACA is complex, and none of it should be taken lightly. With that in mind, know that some things will be more relevant than others, particularly for business owners. Regulatory points, breakdowns of penalties, and compliance reporting are some of the most important aspects.
There are two main factors in the ACA which should be contended with first:
PENALTIES Like the individual mandate, which outlines what individual taxpayers need to do, there is also an employer mandate. Employers who are subject to the mandate have to offer coverage which provides a“ minimum value” at an“ affordable” price. As of now, it will only apply to employers who have fifty or more full-time employees. Penalties depend on the number of employees.
EMPLOYER REPORTING REQUIREMENTS Under the ACA, IRS Code 6056 requires large employers to file an annual report which outlines their steps of compliance with the employer mandate.
Ultimately, the ACA was originally limited in scope and cost. Unfortunately, court cases afterward overturned many of those provisions and not only expanded the scope but also the costs associated with it. That lack of forethought has now led to the repeal-and-replace initiative( which has failed) and left us with an ACA that not only still applies but is so filled with bloat and embedded costs that it is collapsing under its own weight.
Even with all this information out there, finding your way through it all still isn’ t an easy task. It pays dividends to have expert help in that regard. The last six to seven years have shown that the ACA is a bit of a mess, especially in terms of reliably determining how it will impact us, what will continue, and what will be eliminated. For more information, or to get some much needed help navigating through the often confusing world of the ACA, contact Andrew. Don’ t let yourself be caught up in a labyrinth of ever-changing healthcare rules, requirements, and penalties. Take action today to set yourself up for success in the future. +
Andrew Turnbull joined Sterling Insurance Group in 2014. He has been a licensed independent agent since 2002. Andrew’ s expertise is in the development and implementation of creative Benefit, Property & Casualty, and Management Liability programs for Private Practice Healthcare Providers. He also specializes in those programs for both Non-Profit and For-Profit organizations. Contact Andrew at aturnbull @ sterlingagency. com or( 586) 843-2759.
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