Find out everything you need to know about health care reform.
There have been some big changes made to health care, and more are on the way.
Click the milestones to explore how the changes might affect you.
If you offer your workforce health insurance and employ fewer than 25 full-time workers (or 50 part-time workers), your business may be eligible for the Small Business Health Care Tax Credit.View Source
SIMPLE cafeteria plans are a new way for small businesses with 100 or fewer employees to save money. These plans allow employees to pay their portion of health insurance premiums and other eligible benefits, such as contributions to flexible spending accounts, with pre-tax dollars. As an employer, you can take advantage of this option to save on the employer portion of FICA, FUTA and workers’ compensation insurance premiums.View Source
Tax-favored plans, including health flexible spending arrangements (FSAs) and health reimbursement arrangements (HRAs), cannot be used to reimburse over-the-counter medicines.View Source
Non-grandfathered group health plans are required to offer preventive coverage to women without cost-sharing for plan years beginning on or after Aug. 1, 2012. Certain religious employers are exempt from the requirement to offer contraceptive coverage, and others may qualify for a one-year delay or special accommodation.View Source
Major medical insurers that did not meet the new medical loss ratio (MLR) requirements were required to issue rebates to policyholders by Aug. 1, 2012. In most cases, it is the employer’s responsibility to distribute the participant portion within three months of receiving the rebate. If your plan was due a rebate, you should have received it by now and may need to distribute employee portions. The details on distribution depend on the type of plan offered (e.g., church plan, ERISA, etc.). In the future, any rebate due must be paid by Aug. 1 of each year.View Source
Major medical insurers began sending all benefits enrollees and applicants a new summary-of-benefits booklet and coverage notice to explain their benefit plans and coverage. If your business has a self-funded plan, you will be required to provide the new summary for annual enrollment periods on or after Sept. 23, 2012, as well as all other enrollments for plan years beginning on or after Jan. 1, 2013.View Source
Starting with plan years ending on or after Oct. 1, 2012, issuers and plan sponsors are required to pay a new fee for each covered beneficiary, with the fee going to the PCORI fund. The funds will help contribute to research that evaluates and compares health outcomes and clinical effectiveness, as well as the risks and benefits of two or more medical treatments and/or services. Since the fee is treated as an excise tax, it is filed through IRS Form 720. The PCORI fee is $1 per covered beneficiary for the first year and is due July 31, 2013, for the first year.View Source
The ACA limits the amount of participant pre-tax dollars that can be used to cover health expenses through flexible spending accounts (FSAs).View Source
All employers that issued at least 250 Form W-2s in 2011 will need to report the value of health care coverage that employees participated in during the 2012 plan year on the employee’s Form W-2. Some items, such as stand-alone dental, vision and health savings account contributions, are excluded from this reporting requirement. Although the value must be reported, it is not taxable for the business or employee.View Source
Employers will no longer be able to deduct retiree drug expenses for which they receive a Medicare Part D retiree drug subsidy payment.View Source
Employers subject to the Fair Labor Standards Act are required to notify employees of the Health Insurance Marketplace and potential eligibility for premium credits. Aflac has created the “Health Care Reform Communications Toolkit” to help businesses comply with this communications requirement.View Source
Effective 2014, small businesses and individuals will have the opportunity to participate in the federal- and state-facilitated Health Insurance Marketplace. Specific information by state can be found at healthcare.gov.
During the first three years of insurance market reforms (2014–2016), a temporary reinsurance program for the individual insurance market will be funded by a required contribution from all group major medical plans. The per capita amount is paid for each enrollee by the insurer or the self-funded plan.View Source
Small-business tax credits will expand to 50 percent of a small business’s premium costs for two consecutive years. These credits are available to businesses with average wages between $25,000 and $50,000, that have fewer than 25 full-time workers (or 50 part-time workers), and that offer health insurance through the Small Business Health Options Program (SHOP) Marketplace.View Source
Employers with at least 100 full-time equivalent employees must offer affordable, minimum value health coverage to at least 70 percent of their full-time employees and their dependents, unless the employer qualifies for 2015 dependent coverage transition relief, or face a penalty.View Sources
Internal Revenue Service (2013). Transition Relief for 2014 Under §§ 6055 (§ 6055 Information Reporting), 6056 (§ 6056 Information Reporting) and 4980H (Employer Shared Responsibility Provisions).
Internal Revenue Service (2014). Questions and answers on shared responsibility provisions under the Affordable Care Act.
The Supreme Court ruled on an important issue affecting health insurance in the U.S. The decision upheld a key part of the Affordable Care Act by affirming an eligible individual’s ability to obtain subsidized health insurance through a federal exchange.
Open enrollment for individuals and businesses begins for state and federal exchanges for coverage that begins Jan. 1, 2016.
Employers with at least 50 full-time equivalent employees must offer affordable, minimum-value health coverage to at least 95 percent of their full-time employees and their dependents, or face a penalty.View Source
Employers with 100 or fewer full-time equivalent employees (FTEs) will be considered a small employer. This means these employers may be eligible to purchase health insurance for employees through the Small Business Health Options Program (SHOP).
Your business will be required to report information regarding the health coverage of your employees, including basic employee data, dates and type of coverage; cost-sharing; and any other information required by the IRS. These requirements apply to coverage offered on or after Jan. 1, 2015, but the first report will not be due until 2016.View Source
A tax will be imposed on insurers and employers with self-funded health plans with annual premiums that exceed $10,200 for individuals and $27,500 for family coverage. The Cadillac tax is 40 percent of the excess of the annual value of a health plan’s cost above the threshold amounts set forth above.View Source
November 12, 2015
(Bloomberg) – More than half a million people selected Patient Protection and Affordable Care Act (PPACA) exchange plans through the HealthCare.gov public exchange enrollment system during the first week that the public exchanges were open, in what is projected to be a challenging year of trying to reach new people who haven’t yet gotten insurance under the law.Read the Article
November 13, 2015
Officials at the Internal Revenue Service (IRS) might be thinking about postponing the Patient Protection and Affordable Care Act (PPACA) employer coverage reporting requirement, or providing some other kind of temporary relief.Read the Article
November 13, 2015
State insurance regulators are getting ready to think harder about whether they, or federal agencies, should be doing more to help 64-year-old consumers understand their health coverage options.Read the Article
November 12, 2015
Private benefit exchanges expect massive growth in the next few years. Listed in alphabetical order, these executives from all parts of the industry are leaders in the space, forecasting trends and serving as ushers for what some are calling a new era of health care.Read the Article