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The Affordable Care Act (ObamaCare) is upon us and there’s a lot to do in order to be ready for the employer mandate coming in Jan 2015. It starts with determining if you should pay or play. Jennifer Kraft, gives us an update of where healthcare reform stands now and how to calculate your real cost. She’ll also cover: what steps should you be taking right now to determine whether you should pay or play; how can you ensure that you’re minimizing the financial impact of the ACA on your business?
Jennifer Kraft of Seyfarth Shaw LLP, will review this pay or play mandate and ways employers can mitigate the financial impact, including:
◾Are you even subject to the Affordable Care Act and if you are, what are your options? Which employees must you offer coverage to or pay a penalty? What are the state exchanges and how do they work with the employer mandate?
◾How is the employer penalty calculated?
◾How will the expansion of eligibility for Medicaid in your state affect the employer penalty? How do you discover whether your state’s ruling will impact your employees and who you will need to provide insurance to?
◾If your employee hours vary (i.e., part-time and fluctuating schedule workers in industries such as retail, hospitality, and health care), how do you calculate your ACA liabilities?
◾What steps should you be taking right now to determine whether you should pay or play? How can you ensure that you’re minimizing the financial impact of the ACA on your business?
In addition, EPAY will briefly discuss how a time and labor management system can help you monitor and track the data required to make these decisions and manage the ACA on an ongoing basis. Automated tools from your time-tracking system, such as reports and alerts, will be critical to managing who is eligible and mitigating the risk of non-compliance. For more than 60 years, Seyfarth Shaw has been recognized as one of the “go-to” labor and employment firms for business by providing extraordinary, cost-effective results. EPAY Systems, Inc. has joined forces with Seyfarth Shaw to educate employers of distributed labor environments on how compliance risk can be minimized