The Patient Protection and Affordable Care Act (PPACA) has presented a scary scenario for organizations who are grappling with the reform’s changes to their plans.
Employers are faced with compliance and potential cost increases driven by required plan design and eligibility changes ranging from eliminating limits on coverage, to adding adult children, to the Pay or Play Mandate.
Full implementation is now lurking in 2014. Yet, the lack of a clear strategy to navigate current and upcoming PPACA measures is a risk faced by many employers.
While the resources have existed to assist with planning, many employers have resisted taking proactive compliance measures and evaluating potential options; instead hoping actual implementation would indeed be as ephemeral as a ghost.
Many employers took a wait-and-see approach — hoping the Supreme Court might eliminate the need for major changes, and now even waiting for election results. However, if employers wait until they have certainty, they will likely be caught without the needed weapons to address the changes.
there will be no silver bullet, it is time for employers to develop, review and enhance their action plan. Without a clear strategy, employers risk shooting blindly in the dark at perceived ghosts while missing the true risk.
|This post was part of the special feature about Our Scariest Risks, published October 29, 2012. The feature also included these other risks:|