As Affordable Care Act Becomes Reality, Small and Medium-Sized Businesses Turn to TriNet for Expertise, Compliance, Cost Containment
SAN LEANDRO, California, April 30, 2013 /PRNewswire/ --
Ignorance can be expensive and with some key elements of the Affordable Care Act (ACA) regulations to be implemented by January 1, 2014, many employers could soon find out. While the ACA is still debated in the media, truth is that the ACA is here to stay. Yet, many small and medium-sized businesses still find themselves guessing about the true impact the ACA will have on their business, how they should best prepare for it and what actions they urgently need to take.
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"As a strategic HR business partner, TriNet helps SMBs contain HR costs, minimize employer-related risk, relieve the administrative burden of HR and assists with understanding and complying with government regulations and changes," said Steve Apfelberg, vice president of marketing at TriNet. "Wading through the plethora of information regarding ACA - and making sense of how the law impacts a company - is a complex undertaking. To help clarify important aspects of the ACA for our clients, answer questions and dispel myths, TriNet shares key insights on the ACA."
Myth: I'm a small business, so most of the ACA doesn't apply to me.
Fact: Some of the provisions apply to businesses of all sizes, and other provisions will impact the benefits marketplace for everyone-individuals, small groups, and large corporations alike.
Myth: I have a young healthy workforce, so my health plan costs are "safe."
Fact: As part of expanding access to health coverage, the ACA imposes new rules that change how health costs are shared, and these rules are likely to change costs for everyone.
Myth: It's cheaper and easier for me to just stop offering medical coverage to employees.
Fact: Between the known costs of penalties and lost tax advantages that come from dropping coverage, plus the unknown risks to your ability to recruit and retain, not offering benefits could hurt your business financially.
Myth: Because it's a national law, the ACA affects all my workplace locations at the same time.
Fact: A lot of the ACA falls to the states-things like Medicaid expansion and implementing the exchanges or health marketplaces. The impact on your benefit choices, costs, and administrative responsibilities could vary greatly by location.
Small and medium-sized businesses that leverage TriNet's experience benefit from a single-source trusted advisor with teams of HR experts navigating them through the ACA's many legislative mandates. This provides protection from the liability and potential penalties that come with failure to comply with certain ACA provisions. Companies also gain support - and in some cases, complete relief from - the administrative burden imposed by the ACA's communication requirements. Finally, TriNet provides entrepreneurs continuous monitoring of changes in the law, and posting of up-to-date information that's relevant to their companies to help them prepare their businesses.
TriNet is a trusted strategic HR partner to small and mid-sized businesses, providing critical HR-related services on an outsourced basis. TriNet's solutions help contain costs, minimize employer-related risks, and relieve administrative burden to keep an entrepreneur's focus on their core business functions. From employee benefits and payroll processing to high-level human capital consulting, TriNet's Professional Employer Organization (PEO) expertise and best in class systems relieve clients of many of the day-to-day administrative burdens that distract them from building and growing their businesses. TriNet specializes in serving fast-moving companies in fields such as technology and financial services, who recognize that top-quality employees are the most critical competitive asset. For more information, please visit http://www.trinet.com.
TriNet, Ambitions Realized and the TriNet logo are registered trademarks of TriNet. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.
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