Affordable Care Act

The Affordable Care Act Will Have a Noticeable Impact on Both Businesses and Employees. The million dollar question that everyone in the business world, from CEOs to newsroom analysts, is asking is how the reform will impact businesses. Perhaps the more important question is; what can businesses do presently to help minimize both the administrative and financial impact of the Affordable Care Act? Will Human Resource and Administration Costs Increase? While even top experts cannot give businesses an exact dollar amount, it is a certainty that the Affordable Care Act will result in increased costs for companies of all sizes. One of the first decisions that businesses exceeding 50 employees must make is whether to pay a penalty per employee or provide healthcare to their employees and dependents working more than an average of 30 hours per week. Determining the right answer for each company will take time and resources. Companies must continue to monitor changes and interpretations of the act. Since many of the specifics will become clearer during implementation, it is important that companies re-evaluate their decisions yearly. Because of the strict hour requirement imposed by the bill, along with additional documentation for auditing purposes, each company must now take tracking employee hours to a new level to ensure additional penalties are not imposed on them by the IRS for noncompliance.

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