The 2015 Guide To ACA Compliance

The 2015 Guide To ACA Compliance

ACA ComplianceDoes Your Company Comply With ACA Requirements?

In 2015, the Patient Protection Affordable Care Act (also know as the ACA or Obamacare) has been dramatically changing the healthcare landscape in America. Is your business keeping up? Starting at the beginning of this year, American businesses need to get into compliance with ACA requirements since they will need to report for the full calendar year of 2015 when filing their taxes in 2016.

The new regulation primarily affects businesses that are qualified as applicable large employers or, in layman’s terms, have 50 or more full-time or full-time equivalent employees. Here are a few requirements of applicable large employers:

  • Determine which employees have full-time status. Full-time is defined as working 30 hours or more each week.
  • Track the enrollment status of all of their employees utilizing their company health plan and send that information to The Treasury Department both monthly and annually.
  • Offer affordable healthcare coverage through a qualifying health plan to 70 percent of their full-time employees. By 2016, they need to be offering this coverage to 95 percent of their employees. Qualifying health plans are known as minimum essential coverage under ACA regulation.

In short, if your business employs 50 or more people who work 30 or more hours each week, you are legally required to offer health care through your workplace. If your business has not yet set up this type of coverage, you are out of compliance with these new regulations!

If your company needs help with its ACA compliance, contact Employee Benefit Plans Inc. We specialize in serving small and mid-sized companies and are here to help you put the right policies in place to protect your staff and your business and comply with this new regulation. Our Greenwood Village team is here to meet all of your Colorado health insurance needs; call us today!