Health Care Reform -Step-by-Step Guidelines
Overview:
Certain provisions of the Patient Protection and Affordable Care Act (PPACA) will impact employer group health plans. Beginning in 2014, employers with at least 50 full-time employees must make available affordable coverage to their workers or face tough tax penalties.
To begin with, employers need to prepare to comply with new measures that are coming into effect in the next few months, i.e., the uniform summary of benefits coverage (SBC), W-2 reporting (many employers soon will be required to report the value of the employer coverage on IRS Form W-2), the Patient-Centered Outcomes Research Institute (PCORI) trust-fund taxes, and the $2,500 cap on health flexible spending accounts (FSAs). It is important that employers have an understanding of the SBC requirements and whether they will need to prepare an SBC as well as when they will need to begin distributing it. Employers need to implement systems to collect the information needed to calculate and pay the PCORI ta or handle W-2 reporting as soon as possible.
In the long term, employers need to analyze the impact of comply-or-pay penalties, determining whether they are subject to the penalties or not and if they are whether they want to comply or pay before the wave of mandates and requirements take effect in 2014.
It is imperative that organizations immediately review their plans and seize the opportunity to create better strategies around their health plans, both in design and employee communication.
Why should you attend :
Certain provisions of the Patient Protection and Affordable Care Act (PPACA) will impact employer group health plans. Beginning in 2014, employers with at least 50 full-time employees must make available affordable coverage to their workers or face tough tax penalties.
To begin with, employers need to prepare to comply with new measures that are coming into effect in the next few months, i.e., the uniform summary of benefits coverage (SBC), W-2 reporting (many employers soon will be required to report the value of the employer coverage on IRS Form W-2), the Patient-Centered Outcomes Research Institute (PCORI) trust-fund taxes, and the $2,500 cap on health flexible spending accounts (FSAs). It is important that employers have an understanding of the SBC requirements and whether they will need to prepare an SBC as well as when they will need to begin distributing it. Employers need to implement systems to collect the information needed to calculate and pay the PCORI ta or handle W-2 reporting as soon as possible.
In the long term, employers need to analyze the impact of comply-or-pay penalties, determining whether they are subject to the penalties or not and if they are whether they want to comply or pay before the wave of mandates and requirements take effect in 2014.
It is imperative that organizations immediately review their plans and seize the opportunity to create better strategies around their health plans, both in design and employee communication.
Areas Covered in the Session
- What does the health care reform mean to employers
- Steps employers need to take to begin complying with the law and plan for the future
- How should employers respond to PPACA
- Compliance versus Penalty
- Insurance companies requirements
- The 80/20 rule
- Rebates for group plans
- Pre-existing conditions
- Health insurance exchanges
- Dependent Children
Who Will Benefit:
- Business Owner
- Employees who plan
- Administer benefit plans