Healthcare Reform: Where do you stand on compliance? - The Long Island Community Foundation

July 7, 2014 | By compass

Healthcare Reform: Where do you stand on compliance?

The deadline for compliance with many of the provisions of the federal health care reform law, known as the Affordable Care Act (ACA), is less than a year away. It is vital for employers (including not-for-profit organizations) of all sizes to review their health benefits plans and ensure that they have an effective strategy to comply with the ACA’s complex web of mandates.

On Wednesday, June 26th, LICF hosted a breakfast forum with Friedman LLP and Nixon Peabody LLP to discuss the steps employers need to take to comply with the provisions of the ACA.

The presentation covered the following issues related to the “play-or-pay” mandate:

What is the “play-or-pay” mandate for employers and employees?
Am I a covered “large employer”?
How do I identify my “full-time” employees who must be offered coverage?
What are the minimum requirements for the coverage I offer?
How do I evaluate whether to pay, play, or risk it?
Plan design changes, cost sharing changes, both, or neither?
What are the Exchanges, and how will they work?
How do tax implications affect the analysis?
What are the new reporting requirements?
What do I need to do differently at open enrollment?

We would like to thank Amish Mehta, CPA – Partner and Director for nonprofit services at Friedman LLP and Kate Saracene, Esq. – Counsel at Nizon Peabody LLP for their helpful and informative presentation.

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