After hard-fought campaigns by both candidates, Republican candidate Donald Trump has been elected the 45th president of the United States. Trump’s victory in the election, along with Republican majorities retained in both the Senate and House of Representatives, will likely have a significant impact on a number of compliance issues over the next four years, including President Barack Obama’s hallmark health care reform legislation, the Affordable Care Act (ACA).
So, what does it mean for your business?
Short answer: it is still much too early to know for sure.
Due to the sweeping Republican victories seen in this election, it is likely that some changes will be made to the ACA over the next four years. While it is largely unclear, at this time, what those changes will look like, Republicans in the past have suggested the following:
Keep in mind that president-elect Donald Trump will not take office until he is inaugurated on Jauary 20, 2017. This means that, despite the coming change in power, there will likely be no significant legislative or regulatory changes prior to 2017. As a result, employers should continue to prepare for upcoming requirements and deadlines to ensure full compliance.
These may include:
Bottom Line: Again, potential changes to ACA are nothing more than speculation at this point. We will continue to monitor the changes and provide our clients with timely updates. We will also be providing a GKG University seminar on this topic in early 2017. In the meantime, employers should continue to prepare for upcoming requirements and deadlines to ensure full compliance.