Tuesday, September 8, 2015
How confident are you that you’re ACA compliant?
The Affordable Care Act (ACA) affects every employer in the United States – administratively, financially, and otherwise – more than many realize. In particular, it influences how you aggregate disparate data for reporting and management.
It’s important that you understand the implications; especially the financial risks involved. After all, failure to comply with the ACA could result in heavy penalties reaching into the millions of dollars, unless you start properly planning right now.
A recent Research Institute study indicated that more than half of midsized business owners are either extremely concerned or very concerned about the impacts of the ACA and government regulations. More serious still, many are unprepared to document and report data with sufficient accuracy to avoid or minimize the penalties that can be incurred. Make no mistake: this threat is real.
We want to help ensure that you know all of the options available to you – not only how to do right by your employees and save money, but also achieve compliance with the Shared Responsibility provisions of the law. In short, it’s important you understand what the law says, what it means to you, and – most importantly – what actions you need to take. Contact your KOS Advisor if you have any concerns or if we can be of any assistance to you on this matter.