Many organizations are working hard to understand exactly how the Employer Shared Responsibility provisions of the Affordable Care Act (ACA) will impact their business. Kronos Incorporated has launched a new ACA Estimator that makes that job much simpler.
The ACA Estimator is a free tool that calculates a rough cost estimate for various ACA compliance strategies using each company's specific data.
“There is a tremendous amount of general advice on implementing ACA compliance strategies, but what organizations really need is an analysis on how compliance efforts will impact their specific business. Being able to weigh the pros and cons of different approaches is critical, and the insight we can provide will empower employers to build a sound strategy for managing ACA compliance efforts over the long term," Liz Moughan, director of Kronos said.
Lee Ann Goff, director of university benefits at East Carolina University adds, "Good strategies are insight-driven, and finding the right approach starts with understanding an organization’s current exposure based on the composition of its workforce. The ACA Estimator is a good first step in that process.”
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Under the Employer Shared Responsibility provisions of ACA, any organization that has fifty or more employees who work full time will have to extend healthcare coverage to each employee that works 30 hours or more per week. If they do not make these extensions they could face possible penalties.
Kronos' new ACA Estimator will help organizations analyze the resulting, "cost of various ACA compliance strategies and evaluate potential scenarios based on projected changes to full-time/part-time classification under the ACA," Kronos website shares.
The tool produces price ranges that are based on the specific organizations data, which includes: the number of employees, the percentage of full time versus part time employees, cost of living adjustment and the annual cost of healthcare per employee.
Kronos is also offering to work directly with organizations who are looking for a more detailed analysis. For those organizations Kronos customizes a report that adds additional factors such as the risk of not meeting the required level of healthcare coverage that is mandated by law. This detailed report aids customers in gaining the visibility necessary into their employees hours worked during the Look-Back and Stability periods.
Kronos delivers workforce management solutions in the cloud. It works with tens of thousands of organizations in more than 100 countries.
Edited by
Ryan Sartor
