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Health care reform is continuing
to change how businesses offer
health insurance coverage, and
there are several regulations to
remember throughout the year.As
of Jan. 1, 2016, a new phase of reg-
ulations is now in effect as a re-
sult of the Affordable Care Act
(ACA). Business owners have to
be sure they are using the neces-
sary tools to remain compliant and
meetACAreporting requirements,
which include the administrative
work that comes along with health
care reform. Below are a few tips
fromAflac, the leading provider of
voluntary insurance at the work-
site in the United States, for busi-
ness owners and human resources
representatives to keep in mind to
stay on track all year:
1. Remember that the Em-
ployerShared Responsibility re-
quirement is now in effect. This
means employers with at least 50
full-time equivalent employees are
required to offer affordable health
coverage that pays at least 60 per-
cent of the cost of covered bene-
fits for employees and their de-
pendents. If employers do not
comply, they may be penalized if
one or more of its full-time em-
ployees receive a premium tax
credit for purchasing individual
coverage on one of the public
health insurance exchanges.
2. Learn who needs cover-
age. Applicable large employers
with 50 or more employees, in-
cluding equivalents, are required
to provide coverage to full-time
employees who work at least 30
hours a week, as well as depen-
dents under the age of 26. How-
ever, businesses are not required
to offer coverage to part-time em-
ployees or the spouses of part-
time or full-time employees.
3. Adhere to IRS reporting
requirements foremployers.Ap-
plicable large employers and busi-
nesses with self-funded health
plans are required to report infor-
mation regarding the health cov-
erage of employees to the Internal
Revenue Service (IRS).
It’s important for business
owners to keep track of any
changes in employment status
for each employee, provide ap-
propriate health coverage and
report necessary information to
the IRS. There are many resources
to help businesses stay on track
with requirements. A good place
to start is with your local broker
and insurance agent or by visiting
aflac.com/health-care-reform.
TheABCs ofACA--Advice
for Business Owners in 2016
INSURANCE
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