The health care reform law was passed in two stages. On March 23, 2010, the Patient Protection and Affordable Care Act (PPACA) was enacted. Seven days later, the Health Care and Education Reconciliation Act (HCERA) was passed, making significant changes to PPACA. Jointly, the laws are referred to as the Affordable Care Act (ACA).
The law’s intent is for all Americans to have health insurance either through an employer plan, purchase and maintain government-approved health insurance or pay a penalty to the IRS. The Act states that its goal is to “increase the number of Americans covered by health insurance and decrease the cost of health care.”
Are You Ready?
2015 was the first year that the Affordable Care Act (ACA) required annual reporting for applicable large employers. Applicable large employers are those with 50 or more full-time (or full-time equivalent) employees. These reporting requirements include providing and submitting forms that detail whether coverage was offered and utilized by individual employees.
PBIPayroll’s ACA Comply solution integrates the necessary benefits, time management, and payroll components to keep our clients ACA-compliant as well as provide the mandated 1094-C/1094-B and 1095-C/1095-B reporting and filings.
As the country moves forward with a new government in place, uncertainty about the future is the name of the game. As a business owner, you can take comfort in knowing that PBIPayroll’s team of professionals will be on top of any changes to health care laws and the compliance requirements for businesses large and small.