ACA: Why It Matters that Employers Comply
Meeting the terms of the ACA
As the ACA is mandatory, compliance is practically a must. Non-compliance will lead to hefty penalties, which spells disaster not just for your employees, but for your company as well. Below are just some of the reasons why you should offer healthcare insurance to your employees:
It will lead to reduced taxes and increase in employee investment.
Benefits such as retirement plans and health insurance are intended to be included in the fringe portion of the prevailing wage. If you use the fringe portion to protect and invest on your employees, it will consequently lessen your payroll burden. This does not just increase employee morale. It also helps you follow the terms of the ACA, and lessens your overall taxes.
The reasoning against providing benefits does not exist anymore.
Before, employers and contractors were reluctant to utilize the fringe to provide benefits to their employees. This is because most employees prefer to have the additional dollars as cash salaries, instead of it being used for a benefits plan. However, with the introduction of the ACA, all employers are now in the same boat. As everyone is required to have health insurance, employees would definitely prefer the ease of it being provided by the company instead of looking for insurance plans on their own.
The bidding process is getting more competitive.
Right now, the amount of contractors are increase while the number of public works are slowing down. If you’re going up against bigger companies in bidding, you need to be able to show that you can also provide healthcare insurance to your employees. By doing this, your payroll savings will be reflected in your bid, leading to a better chance of stacking up against a larger competitor.
Government contracts require proof of coverage.
Even before the ACA, some municipalities already require that bidders provide minimum health insurance coverage to their employees before being considered for a bid. With the introduction of the ACA, government contracts will now require proof of coverage before you can successfully submit a bid for a federal-funded government project.
Let ARCHER JORDAN help you navigate the ACA Landscape!
For years, ARCHER JORDAN has been providing benefits to companies and their employees successfully. Let us assist you in navigating the ACA landscape and save thousands of dollars along the way! For more details, contact ARCHER JORDAN at +1 888-745-0754 now!