Sihle Insurance Group Provides Advice to Help Firms Comply with Affordable Care Act

ORLANDO, Fla.--(BUSINESS WIRE)--

Sihle Insurance Group cautions business owners that have postponed getting into compliance with the Patient Protection and Affordable Care Act, now is the time to act.

The bulk of the changes will occur on January 1, 2014, but it would be wise to start now rather than wait and hope for changes and risk expensive sanctions. Here is a brief compliance checklist by Tony Tilelli, Employee Benefits Specialist with Sihle Insurance Group. This is by no means everything, but it's a start.

• Be aware that states currently making no attempt to implement the state exchange will get a plan administered by the federal government.
• Businesses with 50 or more employees cannot fall into the trap of thinking that on Dec. 31, 2013, they can just reduce their employee roster to 49 FTE (full time equivalent). The IRS will be watching.
• Review your health plan documents. You should have a binder containing all of the information you need to legally administer your health benefits plan, and you should thoroughly review that data to guide you in the steps you now need to take.
• Under the new law, I believe health plan audits will become more prevalent. Be ready.
• Beginning in 2013, depending on the size of your group, you will be required to report the value of your employee's health plan premium on their W2's.
• You must have your benefits summaries in all of the languages spoken by your employees. This means that if you have employees whose first language is not English, you need to provide a benefit summary in their primary language.
• Be careful of what is called workforce realignment. In the past, employers have attempted to skirt compliance by reducing the hours of some illness-prone employees to part-time status. Downsizing to avoid providing benefits is a violation of the Employee Retirement Income Security Act (ERISA).
• Review the cost of your health plan. Make sure you have a health plan that does not cost your employee more than 9.5% of his or her income.
• Try to attend a more in depth seminar for further assistance.

(Tilelli is an Employee Benefits Specialist with Sihle Insurance Group, a leading national insurance brokerage based in Altamonte Springs, FL, founded in 1974. Tony can be reached at [email protected].)

For Sihle Insurance Group
Clearview CommunicationsAndy Bowen, 813-374-3735
[email protected]

Source: Sihle Insurance Group