While the Affordable Health Care Act (ACA) turned 13 this year, it is still causing organizational challenges for HR leaders and benefits brokers alike. Nearly three-quarters of employers say that ACA compliance is overly or somewhat burdensome. In fact, 69% of employers say they spend more than 80 hours a year just on ACA compliance.
The stakes have never been higher, with IRS penalties for non-compliance increasing this year. Employers depend on their brokers to be trusted partners, to guide them through the ACA compliance process, and to assist them if they do face possible penalties. Missteps carry both reputational and financial risk for brokers if the proper precautions aren't taken.
How can brokers help? First, it's important to understand which ACA violations are most likely to occur. In short, most violations center on poor employee data collection, failure to report properly to the IRS, and not notifying employees about their ACA eligibility or enrollment.
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