The seventh thing that’s important for employers to consider is what you need to do to document that you’ve done your part. You don’t need to go ahead and pay the penalty or figure out what you owe, but there are forms. The 1095C needs to be completed and also submitted. You give a copy to your employee so they know what coverage options they have, and then you have a copy that you file with the IRS. All of these things are continually changing, we don’t know what’s coming with the next administration, there may be a whole slew of new changes.
It’s really important at every step of the way to consult a healthcare attorney, consult your accountants, and make sure that you have a good handle on the different types of analysis that need to be made which are considerable. This will determine whether you qualify in the first place, how many full-time employees you have, whether or not you’re meeting the criteria for affordable care and whether or not you’re meeting the criteria for minimum value. Just always be careful and talk with an attorney who is familiar with healthcare law and an accountant. These people will work together to make sure you have everything done correctly.