Despite delaying the employer mandate until January 1, 2015, the penalties for noncompliance with the Affordable Care Act still take effect January 1. 2014. Failure to provide employees the mandated benefits or having longer than a 90 day eligibility waiting period results in a fine of $100 per day per employee. This fine also applies to the previously exempted, self-insured plan. If found not in compliance, these non-tax deductible penalties could be costly for a business.
Health care reform requires employers and HR professionals to make tough decisions.
Should we pay or play?
Should we self-insure?
How should we modify our benefit plan for the future?
When seeking advice on these crucial decisions, employers should ensure there is an objective voice at the table. This independent party should have the health care reform expertise to guide you every step of the way. They’ll ensure you can see the big picture while working alongside your insurance advisor, counsel, and tax professional.