Though filled with tumultuous changes and constant headaches, employers are now adapting to what it means to remain compliant with healthcare regulations under the ACA. While news is still filled with articles revealing just how expensive it will be for employees with premiums set to increase yet again, other studies reveal that employer spending per employee is on the decline.
The reason for this is simple: Employee participation in ACA programs have remained steady in the preceding years. This has helped employers limit how much they’re spending on healthcare as in 2016 alone, 91 percent of employees were eligible for benefit programs and 69 percent participated. These statistics represent the status quo established in 2014 and 2015, with relative numbers of 89 and 69 percent for 2014 and 91 and 70 percent in 2015.
So, how have employers kept costs under control?
Since it became law in 2010, the Affordable Care Act has been the source of much debate. Ironically, due to the name, much of the debate has centered around the cost of coverage not only for businesses but for employees as well. Now, with the 2016 presidential election looming in the distance, premiums are increasing once more, opening the dispute once again.
So, what’s set to come in the fall of 2016 before a new president is selected and healthcare (possibly) changes once again?
While summer is a time of vacations and taking a “breather” from the more compliance-heavy times of the year, it isn’t time for you to take a break. In fact, taking a break during the summer months can easily cause issues for your business.
Now we know what you’re thinking: If the 2015 tax year is over, why are we still talking about compliance well into the summer? The answer is simple: Because there is no break when you must track and centrally store ample amounts of employee data for the upcoming tax year. It’s this kind of proactive, hands-on approach that keeps your business compliant (along with the support of a human resources software system like Flock, of course).
So one major question remains: What are you supposed to be focusing on this summer?