Issue link: https://read.dmtmag.com/i/231507
BY JEFF ENGLANDER AND BRUCE VAN WAGONER Preparing your company for healthcare reform How to get ready for upcoming changes and gain an edge in the process t hree years after the Patient Protection and Affordable Care Act (commonly called the ACA) became law, "many employers still don't grasp its basic elements," said a recent Businessweek article. Despite the recent one-year delay in enforcement of the employer mandate penalty, small and mid-sized businesses should take steps now to be sure they're prepared for the upcoming changes set out in the ACA. Yes, there's a lot to consider so it's crucially important for each business to consult legal counsel for specific guidance. But for well-prepared business leaders, there are cost management strategies that can potentially help ease the burden. Following a one-year delay in implementation — on Jan. 1, 2015 — the law's employer-insurance provisions will take effect, including the mandate that businesses with 50 or more full-time employees provide qualifying and affordable healthcare coverage or pay a fee. Say, for example, that a marine dealership with multiple locations has 75 full-time employees, and its management team has determined that the company is subject to the ACA's employer insurance mandate. That means the dealership is responsible for offering qualifying and affordable insurance to full-time employees or paying a fee of up to $3,000 per year per full-time employee if any employee receives subsidized coverage through a health insur- 28 | Boating Industry | January 2014 P28x30-BI14JAN-HealthCare.indd 28 www.BoatingIndustry.com 12/18/13 10:05 AM