Additional ACA Compliance Services
The independent agents of CBA and our additional partners will assist you in complying with the requirements of the Affordable Care Act in many ways. We are continually monitoring and updating ourselves on constantly changing healthcare reform and designed our services to help keep our clients compliant and informed.
-Design benefit coverage to meet the requirements of the ACA
-Assist with tracking hours
-Ensure eligible employees are offered coverage
-Assist with the reporting process and necessary tax forms
-Handle employee notices
Additional ACA Highlights (What You Should Know)
SAVE ON YOUR PREMIUMS
Small Businesses may be eligible for a tax credit under ACA healthcare reform laws, if they purchase their insurance through the Marketplace. The credit is applied as a discount on your monthly insurance premium. To see if you are eligible for a tax credit, use the Small Business Tax Credit Calculator provided by the Health Insurance Marketplace.
AVOID TAX PENALTIES
Employers who have more than 50 full-time equivalent employees must offer those employees benefits that pay for 60% of the minimum essential benefits. If you are in non-compliance, you will incur a penalty of $2,140 per year multiplied by the number of full-time employees, and excludes the first 30 employees. Additionally, the penalty is increased each year by the growth in insurance premiums. However, note you may also incur a penalty when at least one of your employees receives a premium tax credit in the Health Insurance Marketplace (Exchange).
UNDERWRITING GUIDELINES OF THE ACA
-Insurance companies can not increase rates or deny coverage because of a pre-existing condition.
-Your dependents can remain on you policy until they turn 26 years old.
-Insurance companies can not consider gender when setting rates.
-Employer renewals must be based on the same rates as new business.
-The waiting period for employer benefits should not exceed 90 days.
ESSENTIAL BENEFITS
Your employer paid benefits must comply with the “Essential Benefits” of ACA. Specifically, to be in full compliance with the law, your insurance policy must cover at least 60% of the costs of the following essential benefits. If you purchase an individual policy from the marketplace, it’s likely that your policy will also contain these benefits.
-Ambulatory patient services
-Emergency services
-Hospitalization
-Maternity and newborn care
-Prescription Drugs
-Mental health and Substance Abuse disorder services
-Rehabilitative and habilitative services and devices
-Pediatric services, including oral and vision care
-Preventive and wellness services, and chronic disease management
