For business owners, keeping up with Affordable Care Act (ACA) regulations has been about as much fun as receiving a root canal – and it’s not likely to get more pleasant any
time soon. However, after a close examination, you may be able to uncover areas of opportunity. (Or at least options that will help you avoid paying steep penalties. Here are three tips all dental professionals should know.
- Large dental practices (those with 50 or more full-time employees) have to worry about large employer reporting and potential pay or play penalties (which could add up to roughly $2,000 per employee annually).
- All employers need to avoid excise taxes for discrimination and violating the ACA’s “all or nothing” mandate. WARNING: These are business busters that could cost you $100 per employee, per day for noncompliance. This means that you could owe the government as much as $36,500 per employee, per year! Excise taxes can be triggered by continuing to do things you’ve always done, such as offering reimbursement arrangements to your employees.
- Dental practices also have the opportunity to review their insurance options and compensation structure. SHOP, drop, roll (“traditional” insurance), self-insure, private exchange and models like reference-based pricing are all options to explore. In some cases, dropping insurance can actually result in less expenses and improved benefits for the employers and employees alike.
Don’t wait any longer. Work with an ACA expert who can help you determine the best option for your practice while helping you identify areas of opportunity and risk. For more Obamacare insight, listen to Episode 5: Don’t Get Burned By Obamacare on Unsuitable on Rea Radio – a podcast for entrepreneurs who are ready to trade in the business suit culture for measurable results.
Want to talk to an ACA expert before the penalties start piling up? Email a Bright Dental CPA today.
This article was published in the November 2015 issue of Columbus Business First – Ask The Expert.
Want to read more topics related to health care and your dental practice? Check these out: