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Update: Health Care Reform – Employer Advisory
4-12-2010
The health care reform bill signed into law in March of 2010 will radically change the way companies provide and manage health insurance and will also change the way its provided in the United States as a whole. The 2010 Act is reorganizing the commercial health insurance marketplace. The 2010 Act will begin roughly in June 2010 with some preliminary smaller effects and then ending in December 2013. Then, effective January 1st, 2014 the 2010 Act will require most employers to provide employer-based health insurance or pay a substantial penalty if they fail to do so.
Navali & Company works with experts very close to this new legislation to make sure we are promptly and effectively educating our clients and the marketplace. Please contact us to inquire about our seminar schedule in the Southern California area. Additionally, your company may contact us directly to schedule an educational debrief on the impacts of the new heath care reform.
Our advisory provides a series of key issues employers must address to avoid being caught out of position and suffer substantial financial burden. Below are some of the important highlights of the new health care reform bill. Navali & Company can help position your company to avoid and manage the potential financial risks that may be coming in the future.
Before 2014 changes employers should pay particular attention to:
The Early Retiree Reinsurance Program:
(Effective June 21, 2010.) A special early retiree "reinsurance" program, to subsidize plans and programs that provide coverage to retirees that are not yet Medicare-eligible (and their families), will become available June 21, 2010
Remove certain limiting coverage provisions:
Potentially important changes will have to be made to all group health plans, including: removing lifetime benefit limits on core benefits; removing the right to rescind coverage; eliminating overly restrictive annual limits; extending coverage to adult children who have not yet attained age 26; and eliminating pre-existing condition exclusions for dependent children under age 19.
Preventative benefits without cost sharing:
Group health plans will be required to offer certain preventative measures such as immunizations and screenings.
….this is only a snapshot of the measures and issues you must address before 2014.
What employers need to know about 2014 and beyond.
Most changes before 2014 are comparatively minor compared to post-2014 legislation. Positioning your company is very important. Navali & Company can help you be ready. Below are some definitions, issues and facts to be made aware of.
What is the employer mandate?
1. If you do not offer minimum essential coverage to your employees, either through a grandfathered plan, self-insured plan, government plan, or qualified plan through the soon to be created exchanges, your company will face a tax penalty equal to $166.67 per month for each full-time employee you have ($2,000 per full-time employee per year) until you do so.
2. However, your coverage offered must be “fairly” priced and offer adequate benefits so your employees do not opt-out. If they do so, there are also penalties of $250 per month.
• Important to note, the penalties above only affect companies that have more than 30 full-time employees. Calculations of full-time status are now total FTE hours worked:
• Full-time employees are considered anyone working more than 30 hours per week.
• Hours worked by part-time employees also count towards determining whether the threshold is met, by totaling the number of hours worked for a given month by all of the employer's part-time employees and dividing by 120, to determine how many FTE employees the employer has.
Please contact Navali & Company so we may prepare you on this legislation and debrief your company on the full detail of this advisory.
4-12-2010
The health care reform bill signed into law in March of 2010 will radically change the way companies provide and manage health insurance and will also change the way its provided in the United States as a whole. The 2010 Act is reorganizing the commercial health insurance marketplace. The 2010 Act will begin roughly in June 2010 with some preliminary smaller effects and then ending in December 2013. Then, effective January 1st, 2014 the 2010 Act will require most employers to provide employer-based health insurance or pay a substantial penalty if they fail to do so.
Navali & Company works with experts very close to this new legislation to make sure we are promptly and effectively educating our clients and the marketplace. Please contact us to inquire about our seminar schedule in the Southern California area. Additionally, your company may contact us directly to schedule an educational debrief on the impacts of the new heath care reform.
Our advisory provides a series of key issues employers must address to avoid being caught out of position and suffer substantial financial burden. Below are some of the important highlights of the new health care reform bill. Navali & Company can help position your company to avoid and manage the potential financial risks that may be coming in the future.
Before 2014 changes employers should pay particular attention to:
The Early Retiree Reinsurance Program:
(Effective June 21, 2010.) A special early retiree "reinsurance" program, to subsidize plans and programs that provide coverage to retirees that are not yet Medicare-eligible (and their families), will become available June 21, 2010
Remove certain limiting coverage provisions:
Potentially important changes will have to be made to all group health plans, including: removing lifetime benefit limits on core benefits; removing the right to rescind coverage; eliminating overly restrictive annual limits; extending coverage to adult children who have not yet attained age 26; and eliminating pre-existing condition exclusions for dependent children under age 19.
Preventative benefits without cost sharing:
Group health plans will be required to offer certain preventative measures such as immunizations and screenings.
….this is only a snapshot of the measures and issues you must address before 2014.
What employers need to know about 2014 and beyond.
Most changes before 2014 are comparatively minor compared to post-2014 legislation. Positioning your company is very important. Navali & Company can help you be ready. Below are some definitions, issues and facts to be made aware of.
What is the employer mandate?
1. If you do not offer minimum essential coverage to your employees, either through a grandfathered plan, self-insured plan, government plan, or qualified plan through the soon to be created exchanges, your company will face a tax penalty equal to $166.67 per month for each full-time employee you have ($2,000 per full-time employee per year) until you do so.
2. However, your coverage offered must be “fairly” priced and offer adequate benefits so your employees do not opt-out. If they do so, there are also penalties of $250 per month.
• Important to note, the penalties above only affect companies that have more than 30 full-time employees. Calculations of full-time status are now total FTE hours worked:
• Full-time employees are considered anyone working more than 30 hours per week.
• Hours worked by part-time employees also count towards determining whether the threshold is met, by totaling the number of hours worked for a given month by all of the employer's part-time employees and dividing by 120, to determine how many FTE employees the employer has.
Please contact Navali & Company so we may prepare you on this legislation and debrief your company on the full detail of this advisory.
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