With President-elect Donald Trump soon to be in office, we’ve seen a lot of hype around “repealing and replacing” the Affordable Care Act (ACA). There is little doubt that there will be proposals to change the legislation. There are also very big questions that have not been answered yet. This leaves employers with tremendous uncertainty around the future of the employer mandate for 2017 and beyond.
We know this is a difficult time for employers, and Health e(fx) is here to support you. It’s not time to let the ball drop on your 2016 healthcare compliance requirements. It’s also not time to panic. Here are the top 3 ways to survive healthcare reform now that the election decision has been made:
- Refocus on 2016 compliance.
On November 18, the IRS sent out a notice indicating the due date for Forms 1095 reporting has been extended from January 31, 2017, to March 2, 2017. The notice also extends good-faith relief from employer mandate penalties to include 2016. The due date for electronic filing of Form 1094 with the IRS has not changed and continues to be March 31, 2017. Despite the extension of the good-faith relief, employers must provide their Forms 1095 reporting by the new due date or could face massive penalties. Therefore, as a large employer, your immediate focus should be on meeting the reporting challenge, requirements, and deadlines for 2016.
- Know the difference between campaign rhetoric and reality.
On the campaign trail, Trump claimed he would request Congress to immediately and fully repeal the ACA in its entirety. However, as you are hearing in the news, an immediate repeal is highly unlikely. Cancelation of health insurance for the more than 20 million citizens who receive coverage from the Marketplaces through the legislation would be unpopular and could put Republicans at risk for mid-term elections. Given this, despite campaign promises, major changes are unlikely to happen soon.
- Choose the right healthcare reform partner.
We expect healthcare reform to be a long-term challenge for employer groups. It’s unclear what proposed Republican legislation will involve. Recent, popular Republican proposals continue to support employer-sponsored coverage and do not appear to eliminate the need for employer compliance or reporting. With the uncertainty, now more than ever, employers need a healthcare compliance solution provider that excels at managing through healthcare reform.
With all the challenges and uncertainties healthcare reform brings with it, you need an expert partner you can trust to stay a step ahead of changing compliance and reporting requirements. Let us be the experts for you. Health e(fx) easily adapts to ongoing legislative and IRS changes so you have peace of mind – regardless of the direction reform takes us.
We are the best solution for supporting employers through healthcare reform.
“Regardless of the direction or complexity of any new or changed legislation, Health e(fx) will be here by your side, today and for years to come, to help you make the best decisions on healthcare coverage and reform.”
— Andy Brown, CEO, Health e(fx)