The Affordable Care Act dust is settling, which means the new requirements are getting easier to understand and implement, right? Wrong. Most small and midsized businesses report spending more time on compliance each year. For some HR professionals, navigating Affordable Care Act compliance is becoming a full time job.
This is a huge shift in resources for small and medium sized employers. But here’s a thought. Your business doesn’t have to navigate it alone. There are resources available to businesses of all sizes to help lessen the burden of ACA compliance.
The growing amount of time and money spent on Affordable Care Act (ACA) compliance is a concern for executives.
How much of a concern?
According to a 2015 research study by ADP, the top three concerns for midsized business owners are healthcare benefits costs (69 percent), the ACA (54 percent) and the level of government regulations (51 percent).
At the same time, executives lack confidence about the new rules and regulations.
According to the ADP study, less than a quarter of midsized businesses are confident they have the tools and information needed to make the decisions about the best health and benefits strategies for their companies. And, more than three quarters of midsized business owners lack confidence that their organizations understand all new ACA regulations.
It’s no surprise, then, that small and midsized businesses are struggling with compliance, and are spending more time (in some cases double the time, according to ADP), navigating the Affordable Care Act.
How to Lessen the ACA Compliance Burden
Navigating ACA compliance has grown into a bigger task than most executives and HR professionals ever expected.
Already a complicated law, changes and delays have made it even harder for businesses to understand and implement. And like it or not, it’s likely more changes are coming in the years ahead.
To lessen the ACA compliance, businesses don’t need to navigate it alone.
We are in an economy of specialized services. There are new technologies, consultants, and software platforms to help employers configure, measure, apply, report, and communicate ACA compliance requirements.
You may already have the resources at your finger tips. For example:
Does your business work with a health insurance professional or agency? If so, your advisor may be a valuable resource for ACA compliance consultation or support.
Does your business use health benefits software? If so, many health benefits software platforms have ACA compliance functions, either included in your suite or as an add-on option.
Does your business use Payroll or HR software? If so, many HR platforms also have ACA compliance and tracking functions.
Additionally, many businesses will evaluate investing in additional services or products to help with compliance. And, as we move into an era of ACA compliance and self-service software, the options are becoming plentiful.
The demands of ACA compliance are growing for small and midsized employers. You don’t have to navigate it alone. Lessen the burden by using resources you already have, like a health insurance advisor or health benefits software, or invest in new ACA compliance resources to free up your staff’s time for more strategic work.
What are you doing to lessen the burden of ACA compliance? Leave a question or tip below.