We all knew that the Affordable Care Act was going to require some changes to employers' group health plans and related documentation. Many employers held off on making modifications to see how things would shake out at the Supreme Court. It's been two months since the court upheld the ACA, and it's time to get started - if you haven't already!
There's a lot of hard work that needs to be done to get plans in shape and in compliance with the new rules and regulations. There are some things - like preparing to report the value of health care benefits on employees' 2012 W-2 statements - that need to be done right away. Other things - like the "Play or Pay" mandate - require planning now for implementation in the near future.
In this episode, we discuss what the Affordable Care Act means for employers with guest Darlene Clabault and Rebecca Bentz. We talk about the new compliance issues for employers, such as reporting the value of health care benefits, automatic enrollment, the employer "Play or Pay" mandate, and the summary of benefits and coverage that employers must provide. We also discuss the non-discrimination requirements of the ACA. We wrap up the conversation with some practical suggestions on what employers need to do now to get in compliance with the ACA and avoid some pretty steep penalties for noncompliance.
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