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5 Steps that can bring you closer to ACA compliance

5 Steps that can bring you closer to ACA compliance

Regardless of who wins the presidential election, the U.S. healthcare system will surely continue to morph from both a care management and compliance perspective. The reality is that managing compliance under the ACA has become and will continue to be a part of every broker, HR and finance leader’s day-to-day agenda. It’s that simple. It’s that inevitable. It’s that crucial to your success. I know. Just as you were breathing a sigh of relief after filing last year’s forms, the process is starting all over again — and seems destined to continue every year from now on. We’ve learned a lot in the past year. ADP helped more than 25,000 clients ranging in size from 50 to 50,000 employees manage their compliance requirements. During that time, we gained a lot of insight. Read as ADP’s Vic Saliterman, Senior Vice President, Health Care Reform, shares five steps that can help advisers and organizations focus their ACA compliance efforts. To learn more, read: 5 Steps that can bring you closer to...

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Stable, Steady, and Single: The State of the Health Benefits Market

Stable, Steady, and Single: The State of the Health Benefits Market

What is the current state of the health benefits market? ADP’s Christopher Ryan, Vice President for Strategic Advisory Services, highlights the current state of the health benefits market according to ADP’s Annual Health Benefits Report. With the labor market transitioning to accommodate for the influx of millennial workers, the health benefits market is also coming to terms with these changes. Combined with broad changes to health benefits in recent years after the adoption of the Affordable Care Act (ACA), many employers have re-assessed their coverage plans. While many employees have opted into traditional coverage plans, many now look to health savings accounts (HSAs) as a solution. Overall, the data in this year’s report suggests that employer-provided health care plans in the large employer market are stable. Seventy-six percent of those eligible chose to purchase benefits in 2016, and employers are effectively adjusting to changes mandated by the ACA. To learn more, read: Stable, steady, and single: The state of the health benefits market Share this:Click to email (Opens in...

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Time Off, ACA Regulations and Your Small Business Clients

Time Off, ACA Regulations and Your Small Business Clients

John Haslinger, Vice President of Strategic Advisory Services recently caught up with Taija Sparkman, Assistant Editor of CPA Practice Advisor while they were both at the Midwest Accounting Show, in Chicago, IL on August 23. They discussed how the Affordable Care Act continues to be a challenge for many business owners and how, as a trusted advisor, accountants can help them better understand this complex regulation and its IRS reporting requirements. “There is a real opportunity for accountants to be more consultative in how they approach the ACA with their clients. ACA compliance is a huge burden for businesses with less than 200 employees and they may not have the same resources as larger corporations. By differentiating in services for small businesses and knowing who the key players are in the field, accounting professionals have a real opportunity to provide value-added service to their clients,” said Haslinger. To learn more, read: Time Off, ACA Regulations and Your Small Business Clients Share this:Click to email (Opens in new window)Click to...

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ACA Best Practices: Avoiding IRS Penalties – Why Acting Now Can Save You Penalty Dollars Later

ACA Best Practices: Avoiding IRS Penalties – Why Acting Now Can Save You Penalty Dollars Later

Your Forms 1095-C are likely filed and will now be used by the IRS to assess penalties for failing to comply with the Employer Shared Responsibility mandate of the ACA. That’s one MAJOR penalty opportunity scratched off the list. But before you see that assessment, there is a trigger happening now that can alert you to a potential problem: a Marketplace Notice. Early intervention is key when it comes to Marketplace Notices. The sooner you respond, the better chance you have of minimizing their impact. When you receive a Marketplace Notice, it can be concerning – and rightly so knowing they can lead to paperwork and fines depending on the health coverage offered to your full-time employees. If you understand the implications of receiving a notice, you can be ready to handle the situation in the most efficient and cost-effective way possible. But first things first: do you know what this notice is? Will your locations know it if they receive one? And what should you do with it?...

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