Most companies have had a couple years to shoulder the burden of compliance regarding the Affordable Care Act (ACA) that went into effect January 1, 2014 in the United States. This included offering healthcare benefits to employees who worked more than 30 hours a week, or 130 hours a month.
Did you go into it with a solid implementation plan? Not everybody did and HR departments all across America have been struggling playing catch-up since.
In April 2015 an HR director testified in front of congress that ACA compliance could cost their company up to $50,000. This is in addition to the cost of providing benefits.
82 percent of those polled by BambooHR said the ACA law increased their costs between 1 and 6 percent.
Compliance requires reporting of forms to the IRS with specific information on an employee’s insurance coverage as well as their spouse and dependents’. Most HRIS/HCM systems have some of the information that’s required but sometimes the systems need to be updated.
Bamboo HR’s eBook Minimizing The Hidden Costs of ACA to Organizations not only highlights the cost of non compliance but offers a cost effective solution that will minimize, if not negate, any possible future IRS penalties saving your company thousands of dollars each year.
Find out how long, on average, Human Resource departments spend on filling out and submitting a 1095-C form to the IRS and what the estimated costs to your organization may be.
Latest posts by Bamboo HR (see all)
- 40+ Valuable Tools and Resources for HR Professionals - June 12, 2017
- HR and Internal Branding: Sending the Right Signals - June 11, 2017
- Easing Candidate Nerves: How To Do It And Why It’s Important - February 27, 2017