Compliance Isn't an Option, It's the Law
It’s hard to believe that during Thanksgiving week, I received a call from a client asking how they can become ACA compliant by January 1! The facility has over 1000 employees and their hope was that the ACA would simply go away.
Well, it hasn’t “gone away” and the penalty for non-compliance ranges from $2,000 all the way up to $36,500 annually per employee. That’s quite the fee, especially for a single senior living facility. It’s important to understand that compliance isn’t an option. It’s the law.
For this client, their only option was to offer a bronze level plan with a very high deductible that less than 50 people enrolled in. The “Affordability” provisions of ACA still caused a major financial drain, as the client was responsible for about $420 per employee per month or over $221,000 annually. They had to raise prices to offset the cost, positioning themselves as less competitive in their markets. Had they planned earlier, they could’ve taken advantage of options that would’ve significantly reduced and/or potentially eliminated out of pocket cost.
The ACA rule changes and adjustments are overwhelming complicated and frustrating, in general. If your facility is not yet compliant, you need to figure out how and why it impacts you. Everything pertaining to Healthcare Reform, including rules, regulations, penalties and fines is calculated and scheduled. Our ‘A’ Team is happy to help – contact us ASAP to get compliant.
ABOUT THE AUTHOR