Impact of healthcare reform on employers

The landscape of health care is changing, here’s what you need to know.


As you navigate through the recent changes to health care and employer responsibilities, we’re here to help you find the solutions and tools you need to support your employees and keep costs manageable.

 

The future of health care in the workplace

There are still many questions about healthcare reform—known as the Affordable Care Act. Armed with the facts, you can make informed choices for your business.


Changes that matter to your business and your employees 

It's important to note that as of January 1, 2016, the state definition of a “large employer” is one with 101 or more employees. A “small employer” is defined as 1 to 100 employees.


The cost and legal impacts for companies with more than 50 employees are quite different than they are for companies with less than 50 employees.

 

The top five things you need to know 

1. If your employees are currently uninsured, they may be required by law to have health insurance. (If not, they may face a penalty when filing their taxes.) 

2. Depending on their income level and family size, your employees may be eligible for financial assistance to help pay for health insurance and their out-of-pocket expenses. 

3. Plans can no longer deny coverage or charge higher premiums for pre-existing health conditions. 

4. All Individual and Family Plans cover a comprehensive set of 10 essential health benefits such as doctor visits, preventive care, hospitalizations, prescriptions and more.

5. You might have to pay fines, if you don’t offer affordable health insurance benefits.


If you have over 50 or more employees, you might have to pay fines or fees if:

  • Your company doesn’t offer affordable health coverage that meets the minimum value standards.
  • One or more of the employer’s full-time employees enrolls in subsidized coverage on a public exchange.
  • If both of those events happen, then the penalty your company will need to pay is equal to the total number of full-time employees employed for the preceding year (minus 80 in 2015, and minus 30 in 2016 and beyond) multiplied by $2,000.
     

 

Find out more about healthcare reform and its impact on small businesses.

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