JPS Vice President of Healthcare Services, Mary P. Williams, recently provided an ACA update at a seminar under WCI’s Management Toolbox series held at Hilton Asheville Biltmore Park. The Affordable Care Act (ACA) continues to require much attention from business owners.
The seminar covered a brief history of the ACA, including an update on the responsibilities of individuals to be covered under a qualified health insurance plan (or face monetary penalties).
Discussion included the ACA’s requirements for large employers and a review of the potential penalties for failing to cover full time employees under ACA-compliant health insurance. The seminar reviewed employer reporting responsibilities under Forms 1095, which are to be prepared and filed with the IRS in the first quarter of 2017.
The discussion then moved to potential healthcare reforms under the new Republican administration. Possible changes to the current system, under proposals put forth by House Speaker Paul Ryan and HHS Secretary-designee Tom Price, include the elimination of the individual and employer mandates, expansion of health savings accounts, ending the additional Medicare tax on high wage earners and the investment income tax, and the creation of pools of employers through such vehicles as industry associations for the purchase of health insurance.
If your business needs assistance with navigating changing mandates and regulations, contact JPS. At JPS, we’re prepared to assist you in navigating your ever-changing landscape needs.
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