Wednesday January 4th 2017
What should employers do in the meantime? The ACA as it’s currently written is the law, and there are short-term requirements that must be met. Employers must also report 2016 coverage on employee W-2s and report the offer of health care coverage and actual coverage under the ACA’s employer mandate on Forms 1094/1095.
Health care benefits remain a valuable recruitment and retention tool for employers, so they must figure out their future benefits strategy if the ACA is repealed under current Republican proposals.
While Trump and the GOP have said they plan to repeal and replace the ACA, they have not provided much detail on the provisions of their health care law.
Trump has said he’s in favor of consumer-directed health arrangements by expanding tax incentives for health savings accounts (thereby promoting high-deductible plans). He has also said he supports allowing individuals to deduct the cost of individual insurance policies.
Other possible components of an ACA-replacement plan include:
In addition to being aware of potential ACA replacement components, a new report from the International Foundation of Employee Benefit Plans indicates what plan sponsors would do if the ACA is repealed:
Although there is a great deal of uncertainty as to what will happen to the ACA in the coming months, there are things employers and plan sponsors can do now to ensure they’re prepared for changes to the law:
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