This time last year we were all watching anxiously as Washington discussed the possible “repeal and replace” of the Affordable Care Act (ACA)
. No matter what side of the debate you were on, the thought of having to start from scratch with a new set of rules was a daunting thought for all HR managers and employers. However, as we currently stand, the ACA is holding steady which means you are now moving forward with planned compliance with current regulations. Here is what employers need to know about 2018 ACA compliance
What Employers Need to Know About 2018 ACA Compliance
This past year did see the end of the individual mandate. Now individuals will no longer be penalized if they do not carry insurance under the ACA. However, on the other hand, the employer mandate is still holding steady.
The most significant development we have seen this year is employers receiving enforcement notices concerning 2016 ACA compliance (IRS letter 226J). Approximately 30,000 notices have already been sent out to employers in 2018.
Congress is still currently considering a bipartisan bill that would make several small technical modifications to the ACA. The Commonsense Reporting Act
(H.R. 3919 and S.1908) which was proposed this year would ease some of the regulatory burdens on applicable businesses. It would help to reduce cases where new employees get an individual ACA subsidy after being added to the business’s healthcare plan
. This would reduce the costs for both the employees and the employer.
Currently, employers and HR should continue to keep a close eye on regulation changes if they offer wellness benefits to employees. Even if the ACA does not change regulations on wellness plans are supposed to be updated. However, filing issues for regulatory boards have delayed the updates.
2018 ACA Compliance and Reporting
ACAwise is an all-inclusive online software with secure and reliable ACA compliance tracking year round. Simply upload your employee information each day to ensure your full-time employees are receiving the ACA required minimum coverage. From your dashboard, you can see compliance tracking the form of reports like Eligibility & Affordability, Monitoring & Forecasting Compliance, and even Penalty Calculations.