Healthcare Reform some Facts

As Joe Friday would say, the facts m'am, just the facts......Many of our clients have been getting calls and solicitations from telemarketers using "less than honorable" tactics to get them to make important business decisions.

"You know you are going to get fined", "It's the law you know", etc.---"If you don't buy insurance right now, the IRS is going to get you".........

At Hillcrest Insurance we don't use scare tactics to sell policies.  We do our best to discuss the risks facing our clients and show them options of ways to mitigate those risks. Sometimes that involves selling policies, sometimes it's just providing good information.

So, I wanted to take a few minutes to talk about some of the implications of "ObamaCare" and provide some resources for you to find out what you need to know.

The first place you can go to find information about the Affordable Care act is the Health Insurance Reform page of our website.

The Kaiser Family Foundation also has tons and tons of great information (In fact, that is where the charts on our Health Insurance Reform page came from.)

For this post, I am going to address things that a small business owner (Less than 25 employees) needs to know (right away), and a couple of items that a small business owner needs to do (soon).

In a future post, I will discuss the implications for the individual/family.

Business Owners

1. What Businesses must provide Health Insurance for Employees?
   1.  In reality, no business is required to provide Health Insurance Benefits to Employees, however those businesses with more than 50 employees that are not considered exempt, may have to pay assessments (Penalties) starting in 2015.
   2. But what about me, I only have 24 employees?
      1. There is NO REQUIREMENT within the Affordable Care Act mandating that you provide Health Insurance to your employees
2. What Information do I have to provide to my employees?
   1. Employer Notice to Employees of the New Health Insurance Marketplace-This applies to employers covered by the Fair Labor Standards Act. Check our Health Insurance Reform page for sample notices for both employers that provide and those that don’t provide health benefits
   2. Summary of Benefits and Coverage (SBCs) Disclosure Rules
      1. Employers are required to provide employees with a standard “Summary of Benefits and Coverage” form explaining what their plan covers and what it costs.  The purpose of the SBC form is to help employees better understand and evaluate their health insurance options.  Penalties may be imposed for non-compliance.  For more information, refer to this completed sample of the SBC form  from the U.S. Department of Labor.
3. Do I have to change any of my policies or procedures?
   1. 90 Day Maximum Waiting Period-Beginning January 1, 2014, individuals who are eligible for employer-provided health coverage will not have to wait more than 90 days to begin coverage
4. Is this all that I need to know?
   1. Heaven’s no!!!—There are just a few of the many new requirements and implications of the Affordable Care Act for small employers.
5. Where I can I find more information?
   1. www.healthcare.gov one of the best websites
   2. The Small Business Administration has an excellent website that breaks down the requirements and timelines for implementation of the Act.  www.sba.gov
   3. www.hillcrestinsurance.com
   4. Or as always, call our office we are happy to answer questions and assist you with the navigation of the new healthcare waters.