How an HR Outsourcing Company Can Help You Navigate Adjusted Community Rating in Your Company
When should you tap into the resources of an HR outsourcing company?
When laws change and affect benefits, an HR outsourcing company can help you minimize the costs involved in compliance. This is true whether or not you have a robust human resource staff. HR services are up-to-date on the latest practices and work with the best tools in the business, and they often have access to affordable, high-quality healthcare plans.
What Is Adjusted Community Rating?
Adjusted Community Rating, or ACR, is the part of the new Affordable Care Act that prevents insurance companies from denying policies to people with pre-existing conditions. The new law helps to ensure that everyone has access to healthcare by adjusting the way candidates are sorted into coverage groups and how premiums for those groups are set.
Insurance companies can now base these figures on just these elements:
- Tobacco Use
Unfortunately, what was meant to help create fair prices and less bureaucratic waste has led to even more problems. As business and health care providers adjust to new insurance models, employers, plan directors, and workers and their families are often caught in limbo. The ACR has led to price hikes for many companies, though plans for large groups are not facing these types of challenges.
Saving Through Shared Healthcare Coverage
Combined with the resources of a quality HR outsourcing company, small businesses can combine their health plan enrollees with those from other companies and take part in larger group plans. These come with lower, more stable premium payments and quality coverage for anyone—regardless of pre-existing conditions.
This is one area where Professional Employer Organizations, or PEOs really shine. They can help provide better benefits for your company at lower rates than you’d be able to afford on your own. This is especially true when it comes to healthcare plans. You want to comply with the new law, and you want to make sure your workers are cared for – but you don’t want to go bankrupt trying to do so. Take care of your employees and your bottom line at the same time while picking up extra benefits by working with a company like Einstein HR.
Stay Updated on the Latest Changes
Just as importantly, when you work with an HR outsourcing company, you’ll be among the first to know when big changes roll out. When the US Department of Health and Human Services determines specific guidelines for new plans and policies, you’ll have all the expert advice you need to face those challenges and take advantage of any benefits passed along. If the deadline for compliance is moved, or if other requirements are added, you’ll be prepared.
Not only does this cover your assets, but since knowledge is power in every field, you’ll have an advantage over your competitors who don’t stay abreast of the changes ahead. Use the most current information to your advantage, and watch your business grow more secure in the process.
The ACR has made significant waves in the healthcare industry and in terms of the benefits employees must—and can—provide. Don’t be left in the dark or face the risk of expensive fines for getting new information wrong. Hire a reputable company to help you through the changes.
Call 770-962-1700 to discuss ACR with a trusted and resourceful HR outsourcing company.