A Quick Guide To Trim Down ACA Compliance Complexities For Small Businesses!
The Open Enrollment countdown has begun and employers’ panic has already made its way from the closed cabins to employee floors!
Just to remind, during the OE period, individuals can sign up for next year’s health insurance packages and get themselves covered, whereas employers need to put forth their benefit offerings keeping in mind all health care laws and mandates. Hence, this means that it’s a high time to stay “get- set- go” prepared for your health benefit offerings for 2017!
But, as it seems, making the right choices is not an easy task, and selecting right plan to offer to your employees is indeed a very big challenge especially for small and mid-sized businesses. Clearly understanding rules & regulations and meeting the tight deadlines can create randomness and confusion. So, in order to make sure that mid-sized and small businesses don’t get affected by the heavy workload and tumultuous healthcare laws and reforms, let's revisit your options that’ll help you make sure your business remains compliant:
Make Compliance Your Top Most Priority!
Concerns revolving around Affordable Care Act (ACA) and Internal Revenue Service (IRS) requirements is one of the most painstaking situation small businesses have to face. Discrepancies in the number game can lead to audits and hefty penalties from IRS, therefore, you must double-check your every move in order to keep yourself saved from any such issues. It is highly advisable to have an experienced benefit consultant to minimize your risks and penalties due to non-compliance.
Keep An Eye On Filing Deadlines!
Unlike this year, 2017 may not be so relaxed in terms of filing and reporting deadlines. 1095-C form filing will be on the same note as of W-2 mailing deadline, which is January 31st. Moreover, IRS reporting and other mandatory form filings such as 1095-A, B, and C will be 28th February if filing through mail, and March 31st if filing electronically. Thus, keep yourself aware of all key dates and deadlines to make sure you don’t miss out on any!
Seek For Other Better Options!
Instead of just continuing with the same old patterns such as group health insurance, explore other better and more employee-friendly options. Try to learn more about your employees’ needs and take and make changes as the answers & suggestions come. If you are a small company with less than 50 full-time employees, you are not bound by laws to provide health coverage to your employees. But in case you want to provide medical aid to your workers, in order to uplift their morale and engagement, you can try your hands on some other cost-effective and employee friendly benefits such as health reimbursement. This will help you in keeping your budget under controlled by putting aside a pre-defined budget every month.
Open Enrollment for 2017 is just underway and this means effectual and contemplated preparations are required to make the process free from any hiccups. If you are a small business, there’s possibility you may end up being trapped in a web of reporting, filing, meeting ACA regulations and employee needs. Therefore, being ready and having a versatile partner by your side will help you subside major troubles and complications, leaving you free for other core and vital business tasks.
TeemWurk proves to be your ultimate partner in administering employee benefits, complying with ACA regulations and fulfill the ACA reporting requirements with utmost precision. So, leave all your ACA worries to TeemWurk and never fear any penalties or ambiguities ever again.