How the Affordable Care Act Affects A/E Firms

Posted by Marketingadmin on May 13, 2014

Affordable Care Act

Over the last few years there has been plenty of media coverage about the Affordable Care Act (ACA). Most people are aware of the controversy surrounding it but many still have questions about how it will affect their business. Like most companies, Architecture and Engineering (A/E) firms need a full understanding of how the Affordable Care Act will impact their business so they can accurately budget and plan.

This past February, the U.S. Treasury Department issued the final regulations for employer responsibility for implementing the new healthcare act. Included in those regulations are new deadlines for compliance based on your firm’s size. There are additional considerations for the types of employees you have on your payroll and how many hours they work.

The U.S. Treasury Department defines a mid-size firm as one that has over 50 employees but no more than 99, while large firms are defined as having 100 employees or more. Both mid and large size firms must be in compliance with the ACA by January 1, 2016. However, large firms must also meet health care standards in accordance with the shared responsibility provision by January 1, 2015. The additional requirements mean large firms will be required to offer health coverage that is affordable and provides minimum value to at least 70% of their full-time employees during 2015. That will increase to 95% in 2016.

If you are an Architecture or Engineering firm with questions regarding the Affordable Care Act, Deltek Ajera provides resources to help. Please register for the  webinar that will cover a firm’s responsibilities and deadlines in detail to help you prepare.