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Finance’s Starring Role in Implementing the ACA

StarA finance department that is knowledgeable about the ACA and its requirements can help the rest of the business comply with the law more smoothly. While various departments, such as information technology and HR/benefits, will be responsible for the day-to-day integration of the ACA, the finance department also has a role in making sure events that trigger costly penalties are avoided.

To help avoid the nondeductible ACA penalty, the finance department needs to partner with the HR and benefits departments to ensure that adequate, affordable health care coverage is offered to full-time employees and their eligible dependents.  Finally, finance needs to keep a close eye on the cost of health care to make sure the employer’s level of coverage isn’t susceptible to a 40 percent non-tax deductible excise tax in 2018.

Developing a master plan to address ACA compliance (which includes allocating a budget), collaborating with other internal groups when necessary, and making sure ACA-related expenses are regularly monitored will help position the finance department for success when it comes to responding to ACA challenges.

Learn more by reading “ACA Compliance – Whose Job is it, Anyway?

 

Learn More about ADP Health Compliance

 



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