The Affordable Care Act: It’s Real, It’s Here, It’s Time to Act
Penalties for noncompliance with the ACA begin in just over six months. There’s no question that the time to act is now, but many contractors are unsure about where to start.
Offering health insurance coverage to your workers is a smart business decision on many levels, even for employers who may not be subject to provisions of the ACA. If you’re already using fringe dollars to provide retirement plans for your workers, adding health insurance to their benefits package maximizes your savings on payroll costs. Dollars used to provide bona fide benefits are not subject to FICA, FUTA, SUTA, and in most states, workers’ compensation insurance.
Government contractors should be asking themselves four critical questions as the January 1, 2014, deadline approaches:
1. Does the Affordable Care Act apply to me?
2. Is my current plan compliant? (if you currently offer coverage)
3, If I don’t comply, can I afford the double hit to my bottom line?
4, Is reducing my employees to part-time status really a good idea?
Not sure about the answers? The Contractors Plan can help you develop a PPACA strategy that works for your company. Give us a call to get started.