The Affordable Care Act changed the landscape – but CRI’s team keeps you on the right path.
The Patient Protection and Affordable Care Act, commonly called the “Affordable Care Act” or “ACA,” forever changed the landscape of providing healthcare benefits to your employees. So exactly what changed, and how do the changes affect you? The ACA:
- mandated certain employers provide healthcare benefits to their employees that must:
- be of minimum value,
- provide minimum essential coverage, and
- be affordable – as defined in the law;
- established reporting requirements for both the IRS and the employee to substantiate that the new requirements have been met; and
- instituted sizeable penalties for non-compliance.
The ACA encapsulates 2,700 pages of law and more than 20,000 pages of regulations! You shouldn’t have to spend hours of your valuable time weeding through the requirements to determine those that apply to your business. Our ACA team is familiar with the requirements and their associated deadlines, and they are ready to graft our experience and best practices with your process. So no matter where you are in the process, our team can help you determine go-forward requirements, accumulate the necessary documentation, provide support for timely reporting, and suggest the best steps for future adherence. Our team is also familiar with the various penalties that could be assessed under ACA. Our ACA team will interpret the related tax codes to prune the penalties and ensure proper assessment under the law.