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FreedomCare has asked our firm to provide our view on two health care plans that it has created for employers to provide to their employees in order to comply with the Affordable Care Act (the “ACA”) and properly avoid the applicable penalties set forth thereunder. The following is a brief discussion of the two plans, an overview of the ACA penalties, and a discussion of which penalties each plan properly avoids for the employer and its employees.
Nearly one company in six in a new survey from a major employer group plans to offer health coverage that doesn’t meet the Affordable Care Act’s requirements for value and affordability.
Many thought such low-benefit “skinny plans” would be history once the health law was fully implemented this year. Instead, 16 percent of large employers in a survey released Wednesday by the National Business Group on Health said they will offer in 2015 lower-benefit coverage along with at least one health plan that does qualify under ACA standards.
As the implications of health care reform become more apparent, large employers in the U.S. are increasingly grappling with coverage options to avoid the penalties.
A continuing issue concerns the problems that health care reform poses for the staffing industry and similar employers, as these companies may find themselves obligated to offer health coverage to relatively short-term and variable-hour employees.
A little-known provision of the Patient Protection and Affordable Care Act of 2010, better known as “Obamacare,” has the potential to dramatically and permanently alter the landscape of America’s work environment. Not only because the Act demands that American employers either “Pay or Play” when it comes to providing health insurance, but through a regulatory change that went unnoticed by major media.
Employers heaved a sigh of relief when the Obama administration announced it would not enforce Obamacare’s mandate that large companies provide insurance to their workers next year.
But some companies plan to offer “skinny plans” designed to duck the biggest penalties anyway, according to industry consultants. And the Obama administration has extended its blessing to this limited coverage, even though it would not protect individuals from medical bills that could cause financial ruin in the case of severe injury or illness.
I have until January 1st to figure out and implement my ACA plan… Right?
Wrong. By waiting until January 1st, you can almost guarantee IRS scrutiny of your company and unhappy employees (which often means expensive turnover and worker’s comp claims). You could also be leaving yourself on the hook for penalties that can add up to tens of thousands of dollars per employee.
On November 15, 2014 the health care exchanges will open again, and all Americans will be recruited by the federal government to apply for free or subsidized health insurance policies courtesy of Uncle Sam.
The Feds will be doing everything in their power to sign up as many people as possible.
Much of the talk in the news this week regards the appalling scandal involving IRS targeting of conservative non-profit groups. So it’s worth noting that Obamacare dramatically expands the authority and the scope of the Internal Revenue Service. Two provisions in particular will require thousands of new IRS agents, and billions in funding, to enforce: the law’s individual mandate, forcing most Americans to buy government-approved health insurance; and its employer mandate, forcing most employers to take money out of workers’ paychecks to purchase costly health insurance on their behalf. Here’s why these two provisions are so intrusive, and why the only solution to the problems they create is to repeal them.