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Blog Advanced Insights

ACA: The Employer Mandate

Advanced Resources was pleased to present “ACA: The Employer Mandate” on Thursday, November 13. Our Thought Leadership Events are designed to help professionals tackle the most pressing HR issues; ACA compliance in 2015 is certainly a topic that many companies are addressing as the new year approaches.

We captured some of the main highlights from this session…

- First of all, by now we all know that the ACA employer mandate begins 1/1/15 for companies with over 100 FTEs (FTE = employee who works 30+ hours a week). To avoid penalties, health coverage that meets minimum value and provides minimum benefits (while remaining affordable) needs to be offered to at least 70% of employees.
- It’s very important that companies create a compliance strategy now to avoid future penalties. Healthcare spend is a major top line item expense, so smart leaders are truly evaluating their healthcare spend and ways to reduce it.
- A common consensus that was discussed is the lack of tools and resources that HR professionals need to be fully educated on this important topic. Our panelists commented on this important need and how some organizations are entering this space to fill the void.
- The recent elections could have a major impact on how this law becomes enforced. The law will most likely remain, but funding for enforcement could be at risk. Only time will tell. The ACA has a major impact on temporary/low wage workers. Staffing companies, seasonal workers, and the food service industry will be most impacted.
- If a company already has decent health benefit plans, good participation and mostly exempt employees, the law won’t really impact them. The purpose of ACA is to address the uninsured population.
- Implementation of the employer mandate will certainly create administrative hassles for small- to mid-sized companies who will need to comply to avoid paying penalties.
- The four main options for insurance products include: 1. Fully Insured: traditional plans offered by insurance carriers. The carriers ensure that their plans meet ACA requirements. 2. Self-Funded: Employers operate their own health plans. 3. ASO: Insurance carriers who provide administrative services only. 4. Private Exchanges: Larger companies set-up their own exchanges and give employees a fixed contribution amount. Employees would then choose a plan that fits their needs.
- Violations of the ACA Employer Mandate can result in hefty fines. For example - Kelly Blue Book was just hit with a $2 million fine for not adhering to ACA requirements. There are numerous ways in which companies can be fined.

These are just a few of the many things that were discussed during our Thought Leadership Event. Advanced Resources will be offering more tools and resources over the next several weeks to continue to share insight on this important topic.

Thank you to the enthusiastic audience that we hosted on November 13. Click here to view pictures from this event!

- special thanks to Jen Nagy, contributing author

Topics: Staffing & Recruiting, Healthcare, Human Resources

Posted by Advanced Resources on November 15, 2014