The IRS Is Making Its Move on PPACA…(Cue “Jaws” theme song)
The Internal Revenue Service (IRS) has begun to circle the Patient Protection and Affordable Care Act (PPACA), and 2014 is still a year and a half away. That is the year when the federal legislation is supposed to go into affect and will require employers with more than 50 employees to offer minimal essential health coverage to their workers or be subject to a penalty. According to an informative post over at Employee Benefit News, the IRS released three notices recently that signal how it will potentially approach some key issues under the employer shared responsibility portion of the act. Right now, the agency is seeking comments on these issues, which will eventually be addressed in more fun IRS regulations for employers, to be sure.
“It’s a nerve-wracking time for employers right now, on many levels. Obviously, they worry about the costs they will have to bear regardless of how their businesses are doing financially. But the legislation also affects hiring, because companies want to remain competitive when vying for talent, and there is a genuine concern out there about how the Patient Protection and Affordable Care Act will affect their ability to provide an attractive overall benefits and salary package,” says says Kelly Coblentz, PHR, hireVision’s Director of HR Services. “When you are not an big firm, this type of thing really affects your recruiting and retention efforts, regardless of what the law’s other health care provisions are.”
Keep in mind that the act is still under review by the Supreme Court, with a decision on the constitutionality of it expected sometime in June. It’s impossible to know for sure what direction the reforms will go between now and 2014, so be sure to keep an eye on the legislation’s journey and buckle your seat belts, folks. We are most likely in for a wild ride.