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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