Friday, November 12, 2010

What Happens When Government Takes over Health Insurance

    The first thing on my wish list for the next Congress is to repeal the Obamacare Bill.  Don't dilly dally and try to fix will not work, believe me, I am from Massachusetts.

What is the Fair Share Law?
Employers with 11 or more Massachusetts employees must either pay the commonwealth $295 per year per employee, or provide employees with health insurance that passes certain tests. Under these tests, most employers must demonstrate that at least 25 percent of the employer’s full-time employees are enrolled in the health insurance, and the employer offers health insurance with a 33 percent (or more) employer premium contribution to its full-time employees within 90 days of hire. Employers must submit online filings demonstrating compliance with these rules; if audited, an employer must provide documentation verifying the information reported in online filings.
What Massachusetts employers are at risk for an audit?
While the DUA has authority to audit any employer with Massachusetts employees, businesses with large part-time or temporary workforces, such as staffing firms, restaurants and hotels are especially vulnerable.
My company has been selected for an audit. What next?
Call the DUA to schedule the audit and discuss what documents the auditor wants to review at the audit meeting. Assemble the team that will help prepare for the Audi. Immediately begin gathering and organizing the requested documents, which will likely include customized payroll spreadsheets, employee enrollment documents, insurance contracts and carrier bills. Many employers are caught off guard at the amount of preparation required.

Why do companies fail audits?
                                got your attention yet?

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