Passed in 2010, the Affordable Care Act (ACA) is a couple years away from full implementation. Each year, there are new changes and regulations that accompany the rollout. This includes new reporting requirements, insurance carrier mergers, and more. We want to help you keep everything straight; so, we have compiled the information you need to know when it comes to the ACA.

While millions of Americans have enrolled in healthcare plans due to the ACA, it is important to remember that premiums are increasing this year. The National Center for Policy Analysis released its report stating that out of pocket healthcare expenses are expected to increase between 7 and 20 percent. Why? Mainly because the way in which premiums and tax credits are decided are based on Americans’ income levels. On average, those earning higher incomes will pay higher premiums. Fear not – look to tax credits to alleviate some of these costs. In 2015 alone, nearly 30 million Americans were able to receive advance tax credits when it came to their healthcare.

The second change to be aware of is important for the business owner. This change involves employee reporting, specifically the Employee Mandate. The Employee Mandate stipulates that businesses with 50 or more full-time employees are required to offer healthcare coverage to at least 90% of their employees. Here’s the thing – 96% of American businesses are small businesses, meaning they do not fall under the Employee Mandate. That being said, over half of the 30 million small businesses do offer healthcare coverage to their employees. So, if you happen to be one of these businesses, you can easily gain help with reporting thanks to companies like Decisely. The main information that needs to be reported if you offer coverage is both the type of plan/coverage and the time period of said coverage.

It’s at this point you may be thinking, okay, health insurance and benefits are not only complicated, but also expensive, too. Oy vey. Here’s a potential solution: employee wellness programs are steadily proving to reduce healthcare costs. These kinds of wellness programs include incentives to exercise, quit smoking, and more. Allow your employees to be accountable for their own health. A wellness program gives them the means to do so.

As most of us know, with the passage of the ACA also came the legal standard that all citizens in the U.S. must have healthcare coverage. This year the penalty for not having healthcare has increased to $695.

In past years, small businesses have seen the least amount of reform when it comes to the ACA. In 2016, we are seeing changes that have trickled down to small businesses. Keep these in mind while working with your healthcare broker –  it will help your business to run smoothly for the rest of the year.