We are nearing the end of the first month in 2017, and already, we have faced some substantial changes. Of course, we are all expecting more major acts out of Washington in the future. Trump has officially taken his seat in office and began his plans for his first 100 days. With a new president also comes a new administration, and Republicans have gained majority in Congress. It’s likely to be a busy and uncertain next couple of months.
Despite the uncertainty of how political acts will affect businesses, compliance should remain every company’s prerogative.
One of the major things on the new Washington agenda is the Affordable Care Act. As of now, the future of the entire ACA is up in the air. However, one of Trump’s first executive orders began the rollback of the Act. According to CNN writer Tami Luhby, this executive order, “…directs the secretary of health and human services, as well as other agencies, to interpret regulations as loosely as allowed to minimize the financial burden on individuals, insurers, health care providers and others.” If his recent acts are any indication that he will keep his word to his supporters, the ACA is likely to go. So far, Trump has signed multiple executive orders, such as this one, that prove he will stand to his campaign platforms. Republicans have already started making further plans to repeal the Act, but it is unclear if the entire act will be dismantled or if some parts will remain.
Trump and other republican leaders have said that they are seeking a smooth transition in regards to the ACA and his transition into presidency. Many spokesmen for the Republican party and leaders have repeatedly said that they do not want to leave millions of Americans without coverage. Therefore, Congress and the administration are exploring alternative plans to the ACA.
The question is how long does a transition period last. While this is a hot topic to debate, there has never been an exact answer or definition. Nobody wants to immediately rock the boat too much . Hence, why politicians keep repeating “smooth transition.” During this transition period, companies and employers will need to continue to adhere to current ACA rules. Keeping compliance during uncertain times will allow for an easier transition into new rules.
Repealing and redoing the ACA is going to take time and a large amount of effort from both parties. Employers just need to continue ACA compliance and stay informed. If compliance is something you struggle with or are confused about, Corban OneSource has got you covered. We help our clients develop processes and implement best practices that have compliance built into the workflows so they know they are compliant from the very beginning and all the way through the entire employee life cycle. Click here for more information about us.