Solving Employer Shared Responsibility Concerns for Complex Employers
Companies across several industries around the country struggle to maintain their ACA compliance for several reasons that go above and beyond normal expectations. We call them complex employers. In sake of the Internal Revenue Service (IRS) referred to Applicable Large Group Employers (ALE’s).
If you are one of them, the fines associated with failure to maintain your part of the Employer Shared Responsibility provisions don’t have to be a cost of doing business.
More American workers end up in bankruptcy due to medical expenses, even those who had insurance through their employer.
An epidemic as a result of the pandemic!
Truth be told, group health plans was already a problem prior to COVID-19, but was exacerbated by the pandemic. Medical bankruptcy is at an all time high, so much that Congress is trying to pass a bill “Medical Bankruptcy Fairness Act 2021“. Primarily employees that are on company sponsored plans are affect the most.
What happened to the work force during the economic shutdown, was loss of health coverage when lay-offs and furloughs began to surge, alll while in the middle of a pandemic. Company sponsored group plans were already a dying model prior to COVID-19, but now that the Biden administration is ramping up more benefits on the individual exchanges, it will eventually make group plans obsolete.
The Individual Coverage Health Reimbursement Arrangement (ICHRA) resolves all of these issues, learn more on our virtual conference call. We will discuss:
- ACA Misconceptions that trigger penalties
- ACA Compliance challenges
- Multi-State challenges
- Reporting Challenges
- When it makes sense to pay the penalty, and when it does not
- Overcoming challenges
- Reduced Benefit Administration
- Reduce Employer Mandate Liabilities
- Open discussion Q&A