This month’s ACA Compliance Bulletin reviews the amended American Health Care Act (ACHA) that was passed by the House Republicans and its impact on employers. Read more here: I–Content Development-_LEGAL CONTENT-Content-ACA-ACA_BBBE-148865 House Republicans Pass Amended AHCA 5-4-17
This ACA Compliance Bulletin provides an overview of the potential impact on employers and individuals from the two bills to repeal and replace the Affordable Care Act (ACA). House Committees Release ACA Replacement Bills 3-7-17
February 28, 2017 – VALDOSTA – New administrations bring new challenges to the professional realm, and the Trump administration is no exception. Many of the former administration’s health care initiatives are being rolled back or halted. This leaves employers in an uncertain place in regard to compliance regulations and reform laws. This uncertainty comes in addition to the already complicated day-to-day tasks of an organization, leaving many feeling vulnerable.
The following are five important issues that should be closely monitored in 2017:
- Unraveling of the ACA and Ensuring Employees are Educated Health Care Consumers: A new administration is now in office and President Donald Trump is vowing to repeal the Affordable Care Act (ACA). The first wave of this dismantling came in an executive order that directs federal agencies to waive, delay or grant exemptions from ACA requirements that may impose a financial burden. Other measures are promised to come later in the year, and experts agree that the “wait and see” approach is best for employers until a clear directive is issued. This means employers should focus their energy on increasing employee health care knowledge in order to make employees more educated consumers. Health care consumerism will likely only increase under this administration, so focusing on employee education is a must.
- Employee Retention and Engagement: Employee retention and engagement is more difficult now than ever. With millennials projected to make up the dominant demographic of the workforce by 2020, employers need to rethink their company culture. To underscore the importance of fresh retention ideas, 44 percent of millennials say they would quit their jobs within two years if given the chance. Sixty percent say they wish to leave their current jobs by 2020. Now is the time to consider new retention and engagement initiatives.
- Paid Family and Medical Leave: Paid family and medical leave is an important and enticing package for employees. In the United States, over 88 percent of private sector employees do not have paid leave options, according to the Department of Labor (DOL). And of the few that do have access, over 33 percent believe taking leave would put their jobs at risk. States like California, New Jersey and Rhode Island all have paid leave laws in place, with other states working on their own legislation. This staggering gap in benefit offerings makes paid leave packages especially appealing for younger workers.
- EEO-1 Form Update: The Equal Employment Opportunity Commission (EEOC) has formally adopted modifications to the Employer Information Report (EEO-1), effective March 31, 2018. Beginning at this time, employers will need to report their total number of workers, their gender and race, their pay grade and job classification. The EEOC says this will help it more effectively investigate discrimination claims and pay disparities. In order to prepare for this new requirement, employers should begin compiling this information in 2017.
- I-9 and E-verify Updates: The latest version of the I-9 form is now effective, as of Jan. 22, 2017. This means that employers must use the latest version for all new employees or face steep penalties. The form is not required for existing employees. The main changes include marking “N/A” in fields that would previously be left blank, verifying employment for individuals in person (not remotely via a webcam, for instance) and using a large blank field to leave notes instead of putting them in the margins.
As history shows, when there’s an administration change, employee benefits change as well. There will certainly be new legislation in the coming months, as promised by President Trump. HR needs to lead the way in communication and make adjustments to adhere to any new requirements.
The aforementioned issues describe only a handful of the new HR changes that are forecasted in 2017.
This ACA Compliance Bulletin provides an overview of how repealing the ACA could affect employer sponsored health plans. How Repealing the ACA Could Affect Employer-sponsored Health Plans 2-2-17
This ACA Compliance Bulletin provides an overview of how an executive order may impact the ACA in 2017. Trump Signs Executive Order on the ACA 1-23-17
Keep Your Health Care Costs Down
Staying healthy is obviously the best way to save on costly medical bills, but what are some other ways you can keep your medical costs down? In this Know Your Benefits video, you’ll find some tips about how you can keep your healthcare expenses to a minimum so you can spend your resources where you want to.
We’re Here to Help
For information about implementing an effective employee benefits program and ensuring ACA compliance, call your Taylor Insurance Services expert today. Don’t have a Taylor Agent? We’d love to get you connected to the Power of T. Call us today at (229) 247-6411. Our knowledgeable experts are ready to help you get the most out of your employee benefits program and develop strategies that both recruit and retain top-notch talent.
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Beginning in 2020, the Affordable Care Act (ACA) will levy a 40 percent excise tax on health plans that are deemed to be overly generous. This tax, also known as the “Cadillac tax,” will affect health plans that cost more than $10,200 for an individual or $27,500 for a family. The Cadillac Tax is designed to encourage companies to choose lower-cost employee health plans and to raise revenue to fund other ACA provisions.
Though the Affordable Care Act was signed into existence by President Obama six years ago, the continued rollout of associated programs and requirements still has employers nervous with regards fulfilling obligations and avoiding penalties. Compliance is a major concern for employee benefits managers, and the tension continues to mount as more limits and restrictions are placed on employers regarding what coverage may be offered..
Employee Benefit News discusses employers’ main concerns in a recent article about ACA and the future of the cadillac text.
How To Get Prepared
This recent article discusses the top ACA priority changes coming in 2017. For more information about implementing an effective employee benefits program and ensuring ACA compliance, call your Taylor Insurance Services expert today. Don’t have a Taylor Agent? We’d love to get you connected to the Power of T. Call us today at (229) 247-6411. Our knowledgeable experts are ready to help you get the most out of your employee benefits program and develop strategies that both recruit and retain top-notch talent.
Like what you see here? Want more content like this?
This month’s HR Brief gives an overview on understanding the difference between exempt and nonexempt status under the FLSA, alerts employers that compensation is increasingly important to employees’ job satisfaction and highlights the DOL’s release of an FMLA guide for employers and a new FMLA poster.
The Live Well, Work Well newsletter is an employee newsletter that is produced monthly and covers topics like health, wellness, fitness, nutrition and personal finances. This month’s issue includes information on how to turn a bad day around, the danger of laundry packets and a Zika virus update.
This month’s Benefits Buzz discusses the Affordable Care Act’s affordability contribution percentage increases for 2017, updated HIPAA self-audit tools and Exchange notifications.