Navigating the complexities of the Affordable Care Act (ACA) can be particularly challenging for many businesses. At United AMG Partners, we specialize in providing expert guidance and support to help you stay compliant with ACA requirements, ensuring your business avoids penalties and operates smoothly.
Addressing Critical Compliance Issues
For businesses with 50 or more full-time employees (including full-time equivalent employees), deciding whether to offer health insurance or face penalties is a significant challenge.
The ACA’s complexities can be daunting, but our expert consultants are here to simplify the process and ensure you make informed decisions that benefit your business.
In the retail and hospitality industries, managing part-time, seasonal, and variable-hour workers complicates compliance. Accurate tracking of employee hours and determining health insurance eligibility are crucial. Our tailored solutions streamline these processes, reducing administrative burdens and ensuring compliance.
Some Businesses Have More Complex Employee Status Scenarios
- Construction and trade companies often rely on subcontractors and temporary labor, making it challenging to monitor and manage health insurance eligibility. We offer comprehensive support to help you navigate these complexities and maintain compliance seamlessly.
- Agriculture and farming businesses face the challenge of maintaining consistent ACA compliance with seasonal workers and fluctuating workforce numbers. Our expert consultants provide strategies to manage these dynamics effectively, ensuring your business stays compliant year-round.
- Non-profit organizations often struggle with limited budgets and resources, making ACA compliance a significant burden. Our cost-effective solutions are designed to help you meet regulatory requirements without compromising your mission.
- Technology startups experience rapid growth and changing workforce dynamics, leading to complexities in maintaining ACA compliance. We offer flexible solutions that adapt to your evolving needs, allowing you to focus on innovation and expansion while staying compliant.
- Healthcare providers, despite their expertise, often find ACA compliance challenging due to the mix of part-time and full-time employees. Our specialized services ensure you navigate these intricacies smoothly, allowing you to focus on providing care.
- Restaurants and bars in the food and beverage industry deal with high employee turnover and varying hours, adding to the difficulty of maintaining compliance. We provide industry-specific guidance to help you manage these challenges efficiently.
New Concerns for Companies in the Last Year
The IRS has updated the requirements for the information included in the 1094 and 1095 forms. Employers must ensure they collect and report accurate data to avoid penalties. Starting in 2024, employers that file 10 or more returns will be required to file electronically, reducing the previous threshold of 250 returns.
Penalties for non-compliance with ACA requirements have been adjusted by the IRS, impacting both the Employer Shared Responsibility Payments (ESRP) and penalties for failing to file accurate 1094 and 1095 forms.
Some states, including California, have introduced additional health coverage requirements and reporting mandates that exceed federal ACA requirements. Employers operating in these states must comply with both state and federal regulations.
Recent legislative changes have extended ACA subsidies, affecting how affordability calculations are made for employer-sponsored health plans. Employers may need to adjust their contributions to ensure compliance.
California’s Additional Health Coverage Requirements
California has introduced several health coverage benefits and mandates that exceed federal ACA requirements:
- State Individual Mandate: Since 2020, California requires state residents to maintain minimum essential coverage (MEC) or face a tax penalty. This mandate helps stabilize the individual health insurance market.
- Additional Subsidies: California provides state-level subsidies for residents purchasing health insurance through Covered California, the state’s insurance marketplace. These subsidies are available to individuals earning between 400% and 600% of the federal poverty level (FPL), exceeding the ACA’s subsidy provisions.
- Essential Health Benefits (EHBs): California’s EHB benchmark plan includes additional state-mandated benefits not required by the federal ACA. These mandates apply to nongrandfathered small-group and individual market policies.
Comprehensive Services Offered
At United AMG Partners, we offer a range of services designed to alleviate these pain points and streamline ACA compliance for your business. We assist with the preparation of 1094 and 1095 forms, ensuring your company meets all ACA documentation requirements.
Our team provides sample employee benefit notices and forms, model plan documents, and summary plan descriptions.
Stay informed with constant updates on recent legal changes affecting your benefit planss and access our “wrap-around” plan document for ERISA compliance.
We also help with plan amendments and provide summary plan descriptions to ensure your plans are up-to-date and compliant. If your payroll vendor does not provide these forms, we can assist in their completion.
Gain access to an ERISA attorney who can guide discussions on reform and other legal concerns.
We calculate the minimum contribution required by the employer to ensure compliance and guide you through ACA eligibility and enrollment requirements.
We confirm that your plan benefits meet minimum essential coverage regulations and provide Summary of Benefits and Coverage (SBCs) to employees.
Receive a free review by one of our consultants to assess your current compliance status and identify areas for improvement.
An Understatement: It’s Complicated
ACA compliance is a complex and evolving challenge for many businesses. By partnering with expert consultants like United AMG Partners, you can navigate these complexities with confidence, ensuring your business remains compliant and avoids potential penalties. For more detailed assistance, visit our ACA Compliance Consultants page.
Contact Us
For personalized assistance and expert guidance, contact our consultants:
Phone: (949) 225-4440
Email: info@unitedamgpartners.com