Bullhorn Live 2014: Affordable Care Act Additions
In this session, Jeanne Knutzen presented on the changes to the Affordable Care Act going into effect in January of 2015. With the addition of various legal requirements, companies trying to formulate compliance strategies continue to find navigation of the legal framework challenging.
Although there are many changes to the Affordable Care Act, highlighted additions to the law include the classification of “seasonal” as a new category of employee as well as an expanded definition of “variable hour” employees. A smaller modification to the law concerns dependent coverage which changes to include both spouses and children. Alterations to the mandatory dependent care coverage program elicited sighs of relief from the audience as Jeanne spoke about the extension on the deadline for companies working towards completion. Jeanne also noted that companies with between 51 and 99 employees may experience delays and for those with 100+ employees government transition assistance will be available.
With these revisions, what does Jeanne advise businesses to do in the coming months?
1. Determine how many full-time employees your company will have come 1/1/2015.
2. Obtain data on “typical” hours of work or length of assignment.
3. Determine your costs!
Don’t fret! You’re not alone if you’re anxious about the Affordable Care Act. Many session attendees voiced their concerns and connected with their peers who shared these anxieties. The best piece of advice that Jeanne gave was that the more information you have, the better off you will be. Connect with your industry peers and together you will be able to overcome any obstacle.
This Bullhorn Blog post was written by Samantha McPhall.