Many Small Business Owners See Increase Due to The “Affordable” Care Act

It seems that just about every time we turn on the TV, get online or read a newspaper there is someone telling us how the Affordable Care Act is controlling the cost of healthcare.  Many small business owners strongly disagree as they look over their renewal for the coming year. Did you know? . . . . 90% of small business owners have received renewals showing an increase in premiums and 25% of these are facing increases in the double digits!  These increases are effecting small business owners across the country and in every industry.  Employers have been put in the tough position of having to find balance between two competing concerns: attracting and retaining talent to help build their business while at the same time, decreasing operating costs, including controlling health care expenses.  Many of these business owners now find themselves having to depend on their brokers more than ever to get creative and examine all available options in order to control benefit costs while still offering competitive benefit packages. Several years ago as the Affordable Care Act was approaching there were many in the industry that believed the broker would be a thing of the past.  As it turns out, brokers have never been more valued than they are...

Common Misconceptions About The New ACA Reporting Requirements – (Forms 1094C, 1095C and 1094B, 1095B)

With so much changing within our healthcare systems it can be easy for employers to become overwhelmed and flat out confused!  One of the major sources of headache and confusion pertains to the ACA reporting requirements which will take effect in 2016 for the reporting year 2015.  Listed below are some of the biggest misconceptions to be aware of.   Misconception #1: Penalty relief is available for ALL types of reporting errors. The Truth: Penalty relief is provided for incomplete or incorrect information provided on the 2015 statements however the relief is only provided to those that can show good faith efforts to comply.  Those seeking penalty relief must also be able to show that their reporting information was submitted on time. Misconception #2: All employers are required to file electronically. The Truth: Only entities that have 250 or more returns are required to file electronically.  Entities with less than 250 returns can chooses to file electronically or on paper. Misconception #3: Large employers that offer self-funded and fully-insured health plans will be required to use both sets of forms (1094C, 1095C and 1094B, 1095B). The Truth: Employers that offer both types of health plans will only be required to complete Forms 1094C & 1095 C since 1095C includes separate sections for reporting each of the two plan types. Misconception #4: Only large employers that sponsor group health plans are required to report. The Truth: In addition to the large employers, employers of ANY SIZE that are self-insuring their employees must also report this information to the IRS on their covered employees. Misconception #5: Employers that qualify for transition...