Since its passage in 2010, The Affordable Care Act (ACA) has generated considerable attention. In general, the purpose of this legislation was to ensure that people have access to quality, affordable healthcare. This legislation will have a sweeping impact on organizations and individuals as everyone struggles to understand the requirements of the regulations and develop a plan of attack to deal with the increased reporting obligations.
While coverage requirements of the law is receiving the most attention, there is still very little understanding or awareness of some of the key components. Up to this point, both businesses and insurers have focused on validating that the coverage they offer is meeting Minimum Essential standards. However, one aspect of ACA legislation that has failed to get the appropriate attention is the required reporting. Without question, this will be one of the more important aspects of the ACA because it will touch every provider, employer and individual in the United States. The reporting provisions are fundamental to the legislation, and will mean hundreds of millions of new tax forms and filings that will have to be processed by corporations and health insurance providers.
Organizations need to understand and act now to implement reporting strategies. Organizations that begin planning now will be in a better position to reduce or avoid penalties from incorrect filings in the future.
I will be speaking about ACA Reporting at a free seminar October 1, 2015, along with other knowledgeable professionals in order to help you make the right decisions, now. This seminar is free and you can learn more (and register) by clicking here.
We look forward to seeing you there.