Kronos Launches ACA Estimator to Help Organizations Understand Financial Impact of Affordable Care Act
October 7th, 2013 at 9:17 am
LAS VEGAS – HR Technology Conference & Exposition – Oct. 7, 2013 – Organizations looking to understand how the Employer Shared Responsibility provisions of the Affordable Care Act (ACA) will impact their business can now turn to the ACA Estimator, a free tool from Kronos Incorporated. The tool calculates a rough cost estimate for various ACA compliance strategies using company-specific information.
- Under the Employer Shared Responsibility provisions of ACA, organizations with 50 or more full-time equivalent employees will be required to extend healthcare coverage to all employees who work an average of 30 or more hours per week or 130 hours in a month, or face potential penalties.
- The ACA Estimator helps organizations analyze the resulting cost of various ACA compliance strategies and evaluate potential scenarios based on projected changes to full-time/part-time classification under the ACA.
- The cost ranges produced by this tool are based on company-specific data including: number of employees; percentage of full- versus part-time employees; average annual cost of healthcare per employee; and the cost of living adjustment. The factors are easy to adjust, allowing organizations to explore how various scenarios will impact their proposed compliance strategy and budgeting.
- Organizations interested in a more detailed analysis can work directly with Kronos to create a customized report that incorporates additional factors, including the risk of not meeting the required level of healthcare coverage and cost mandated by the law.
- Kronos has also developed a detailed report that customers can use to gain visibility into employee hours worked during the Look-Back and Stability periods.