Kronos Launches ACA Estimator to Help Organizations Understand Financial Impact of Affordable Care Act
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.
- Liz Moughan, director, Kronos
“There is a tremendous amount of general advice on implementing ACA compliance strategies, but what organizations really need is an analysis on how compliance efforts will impact their specific business. Being able to weigh the pros and cons of different approaches is critical, and the insight we can provide will empower employers to build a sound strategy for managing ACA compliance efforts over the long term.”
- Lee Ann Goff, director of university benefits, East Carolina University
“Good strategies are insight-driven, and finding the right approach starts with understanding an organization’s current exposure based on the composition of its workforce. The ACA Estimator is a good first step in that process.”
- Kronos is exhibiting at HR Tech, taking place this week in Las Vegas, booth #1125.
- Additional resources and background materials on ACA here.
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About Kronos Incorporated
Kronos is the global leader in delivering workforce management solutions in the cloud. Tens of thousands of organizations in more than 100 countries — including more
than half of the Fortune 1000® — use Kronos to control labor costs, minimize compliance risk, and improve workforce productivity. Learn more
about Kronos industry-specific time and attendance, scheduling, absence management, HR and payroll, hiring, and labor analytics applications at www.kronos.com. Kronos: Workforce Innovation That Works™.
2013 Kronos Incorporated. Kronos and the Kronos logo are registered trademarks and Workforce Innovation That Works is a trademark of Kronos Incorporated or a related company. All other trademarks are property of their respective owners.