Employers and PPACA Compliance

How Should Employers Look at PPACA Compliance?

With so many deadlines for employers to comply with the PPACA, it’s hard to keep it all straight. Many employers are seeking help from their brokers and benefits administrators. Some, however,  are taking the risk and not complying with all of the PPACA requirements.

So how should employers look at being in PPACA compliance? At times it’s been a bit unclear as to what exactly will happen if employers do not meet certain requirements, such as failure to distribute the Exchange Notice to their employees by 10/1/13, or failure to meet nondiscrimination requirements. Perhaps some employers are thinking that in the midst of the confusion, their non-compliance will be overlooked.

Information released by the Department of Labor such as Technical Release 2013-02, has made it more clear as to how employers should handle it. Even though the DOL has said that they won’t be enforcing the rules and employers will have to report their own infractions, this does not mean other sources won’t go after non-compliant employers. This could include the IRS or even an employee who decides to file a lawsuit against the employer. That being said, it will be important for employers to decide if they want to take any risks or be on the safe side and comply.

Fortunately, there are simple steps you can take as an employer to be PPACA-compliant without creating too much headache:

  • Make sure you aware of the requirements and deadlines, and figure out any financial implications for your company.
  • Make sure you and your employees are educated about the changes and requirements. Brokers and third party administrators are great resources for your PPACA-related questions. Often times they also provide webinars or communications specific to employers who need to comply with PPACA requirements.
  • Think ahead. Track your employee counts now, seek out information on the best plan options for your company, and keep track of helpful resources that you can turn to.
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