On March 23 of 2010, President Barack Obama signed into law the Patient Protection and Affordable Care Act (PPACA), regularly referred to as the ACA . On March 30 of 2010, he signed into law the Health Care and Education Reconciliation Act of 2010, amending the ACA. These two acts passing into law represent the first significant overhaul of the United States healthcare system since the 1960s when Medicare and Medicaid became law.
Introducing a system of mandates, subsidies, and insurance exchanges to the world of healthcare, the ACA is attempting to reduce the costs of healthcare for individuals and the government, improve the overall quality and cost of health insurance, and ensure that as many people as possible have some form of coverage. Pursuing these goals, the law states that insurance companies must now provide every customer with the same rates, regardless of sex or pre-existing condition. Moreover, they must cover all applicants within new minimum standards.
The ACA introduced the employer mandate, which requires every employer with more than 50 employees to offer all full-time workers health-insurance. If the company fails to do so, they will now face a financial penalty. Such a policy was put into place as a preventative measure, dissuading employers from dropping their current, employee-preferred insurance plans as insurance exchanges become a competitor within the market.
The fact that companies with fewer than 50 full-time employees are exempt from the financial penalty associated with the employer mandate has many people concerned. They believe that such a policy will push business owners to hire more part-time and fewer full-time employees.
There are requirements for monthly data tracking and reporting of employee status… And, beginning January 1, 2016, fines of $250 per day for failure to file each return.