The Affordable Care Act and all of its evolving and complex regulations may present a great source of uncertainty for businesses, particularly after health care exchange open enrollment begins on Oct 1, 2013. The ACA presents many new requirements and processes, and yet many businesses lack the additional staff and infrastructure necessary to address these needs and the increased costs that may result from the new compliance burden.
Employers of all sizes could be impacted by ACA, with many having to figure out how to deal with public exchanges, increased employee inquiries, new reporting requirements, forms, notices and potential penalties associated with noncompliance. Will the HR department be ready to handle the influx of calls that may happen when confused employees need answers? Is there a team in place to handle inquiries and requests from exchanges? Moreover, how will you protect all the information that will now need to be collected?
One of the keys to staying on top of ACA regulations will be to stabilize an approach to complying with ACA and have a strategy in place to help reduce risk while minimizing costs. We will have more strategies and tips for success to share in the coming months as the deadline for exchanges to go live draws nearer. In the meantime, ACA is among the many topics addressed by Jan Siegmund, CFO of ADP, when he recently spoke with FORTUNE’s Geoff Colvin about the company’s many different business areas and its critical role in today’s marketplace. Read the full article here.
Learn more about ADP solutions to help employers stabilize their approach to ACA compliance.