Thousands of businesses took a wait-and-see attitude towards the Patient Protection and Affordable Care Act ("ACA"), believing that the Supremes would eventually invalidate the ACA. Well, they didn't and whether you agree or disagree with the decision upholding the ACA's constitutionality, it's time to take the proverbial head out of the sand and act. The full law goes into effect in 2014 and employers who don't start preparing now may very well find themselves in a "taxing" situation.
To meet the numerous ACA mandates that will unfold over the next few years, businesses should focus on the three C's – communication, compliance, and cost control. Employers should plan now for how they will capture and store employee data, organize it in a reportable form to the government and ensure compliance with all reporting requirements. Keep in mind that the ACA requires much more than a few report filings and company-wide health insurance audits.
Even if the ACA does not apply to your company because you have fewer than 50 employees, consideration should be given to the tax credits and improved small business growth opportunities available if you do comply. Even if you think that your current health care plan is "grandfathered," understand that the employer mandate is tricky and retaining grandfathered status is not so easy.
If the sand is looking mighty tempting to burrow in for just a little while longer, remember that 2014 is less than eighteen months away ....
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