Take a Deep Breath: The Election Results and Your ACA Reporting
18 November 2016
After one of the most interesting, dynamic presidential races we’ve ever seen, Nov. 8 has finally come and gone. The United States has a new president elect, and Donald Trump’s proposed policies, even his plan for his first 100 days, include changes that may affect the workplace and employee benefits — probably most notable is his plan to repeal the Affordable Care Act.
While it’s always a good idea to examine and prepare for the possibility of changes in the world of employee benefits, the good news is that none of the proposed changes will affect ACA reporting for 2016. The house may be up for sale, but it isn’t sold yet. And we’ve still got the normal housekeeping to do.
In “Donald Trump’s Contract with the American Voter,” Trump says his plan “fully repeals Obamacare and replaces it with Health Savings Accounts, the ability to purchase health insurance across state lines, and let states manage Medicaid funds.”
Despite his confidence, some experts think this might be too difficult to accomplish in the first 100 days, and a full repeal is questionable even in the long term. “The ACA has now been in effect for six years,” noted Chatrane Birbal, Society for Human Resource Management (SHRM) senior advisor, government relations. “Full repeal of the ACA is likely to be challenging.”
It’s also important to note that Trump’s initial goals for his presidency include implementing 18 other actions and modifying or adding nine other legislative measures. His plans for the ACA are just a small part of the many promises he has made, and it’s possible that some of these may take precedence.
And even if the Trump administration does manage to “repeal and replace” the ACA, remember that the inauguration isn’t until Jan. 20, 2017, and the first 100 days go well into March. These changes might mean an increase to the HR workload — learning how to navigate any new regulations is never simple, but given the slow wheels of legislative change, they likely won’t affect much for a good while. And they definitely won’t change anything for this year, so we all can (and should) continue preparing for the 2016 ACA reporting season.
In fact, now is a great time to make sure you’re on track for ACA compliance this year.
Don’t let the uncertainty about the new presidency distract you from the important changes you need to be aware of this year. We’ve developed this e-book to keep you informed of the new deadlines and adjustments. It’s time to start getting your house in order for 2016 ACA reporting. Download our free e-book today