Health Care Reform / Compliance
Health Care Reform, also known as, Obamacare, Affordable Care Act (ACA), and The Patient Protection and Affordable Care Act (PPACA)
What is it ?
Obamacare, as it is most commonly referred to, is the comprehensive health care reform law enacted in March of 2010. The law was enacted in two parts: The Patient Protection and Affordable Care Act (PPACA) was signed into law on March 23, 2010 and was amended by the Health Care and Education Reconciliation Act on March 30, 2010. The name “Affordable Care Act” (ACA) is used to refer to the final, amended version of the law. To briefly summarize, the goal of the Affordable Care Act is to decrease the level of the uninsured population, reduce the cost of insurance, and remove the pre-existing condition requirement imbedded in some insurance policies. It does this by expanding public and private insurance, offering Government subsidies, and adjusting the level of benefits through mandated coverage levels. You have heard the terms Bronze, Silver, Gold, Platinum, Essential Health Benefits, and Minimum Value. These are a few of the terms that describe the different levels of benefits that insurance policies must abide by starting in 2014.
What do you have to do ?
Small business owners, with fewer than 50 full-time and full-time equivalent employees, should recognize that their existing plan designs will be changing upon their 2014 renewal. In addition, rating structures will change, as well as, new limits on the amount of time your newly hired employees can wait until they are eligible to enroll in your insurance program. It will be very important for small employers to review their benefits program to make sure they understand all the new mandates and plan offerings. There will be many changes to ALL health insurance plans.
Large business owners, with greater than 50 full-time and full-time equivalent employees, will be required to offer coverage starting in 2015. This is referred to as the “Large Employer Mandate”. This mandate was originally supposed to take effect in 2014, but was delayed one year. Large employers will need to start tracking the hours of their seasonal and part-time employees. Those employers that do not offer coverage now will need to start preparing to do so, or face fines.
How can we help ?
Our employee benefit consultants have been specially trained in health care reform. We are certified in both the individual and SHOP Exchanges and have access to all the insurance carriers. We will provide you with quote comparisons, creative benefit strategies to help save you money on insurance premiums, and supply you with the tools you need to manage the day to day responsibilities of all your employee benefits. To learn more, please contact us in one of the following, convenient ways:
- Call us at 1-800-367-2482 to speak to one of our consultant’s immediately.
- Click here to complete a registration form to schedule a conference call, webinar, or meeting. Your call will be returned within 24 hours (business week).
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