President Trump has proposed repealing the ACA, which could have long-lasting repercussions on the health care industry. Repealing this act would increase insurance costs, end the care delivery system changes this act brought to Medicare, and eliminate new sources of revenue—which would increase the federal deficit in the future. However, change won’t happen overnight. Brokers need to stay ahead of any possible changes and regularly monitor anything pertaining to the ACA to keep clients informed of issues that may impact their workforce.
Evaluate and take inventory. To ensure they are meeting their clients’ needs, brokers should look at the current insurance packages their clients offer their employees, and evaluate what has been successful and what has been more challenging. Do not trust that clients’ online provider directories are up-to-date. Call the doctors directly to confirm their participation. Taking measures like these will ensure brokers are better equipped to educate and assist clients as changes begin to occur. Clarity Benefit Solutions specializes in managing ACA compliance.
Keep compliant. Brokers need to make sure their clients are continuing to meet compliance obligations under the ACA—including meeting the March 31 deadline for health coverage reporting to the IRS. Brokers should ensure their clients are keeping detailed records such as employees’ hire dates and hours worked per month.
Promote open communications. Brokers are the liaison between health care companies and their clients. It is vital everyone is on the same page when it comes to regulatory issues, compliance concerns, and government affairs. This way, when inevitable changes occur, all parties can stay focused with a singular strategy.