These are six of 37 different acronyms in the((Affordable Care Act) document I read. Some of them see frequent usage and others are relatively obscure but all of them can impact your life and the existence of your company as an employer. Continue reading
First, Short Term Medical Insurance is a product designed to provide short-term or temporary medical coverage during a short-term loss of major medical coverage. You can typically purchase this for one to six months and depending on the company you can renew it to extend the period of coverage. Continue reading
Insurance is merely an agreement between you and somebody else to take financial responsibility if an event you have agreed on should happen. If you just cannot bring yourself to read the whole boring policy just read the Exclusions because it tells you what is NOT covered.
The Supreme Court has made their decision on the health care reform law by upholding the constitutionality of the Affordable Care Act and the individual mandate to purchase health insurance. So what action do employers need to take now?
Employers need to be ready for these provisions now
Women’s Preventive Care – August 1, 2012
- New preventive benefits will be available to members of non-grandfathered… Continue reading
On March 26-28, 2012 the U.S. Supreme Court heard oral arguments on the constitutionality of the health care reform law. The final decision of the Court is expected to be published in late June.
Here is a condensed summary of the key issues which were addressed during oral arguments:
1.) Anti-Injunction Act – The Anti-Injunction Act states that “no suit for the purpose of restraining the assessment… Continue reading
Compliance with Non-Discrimination Requirements
One of the provisions in the Affordable Care Act states that insured group health plans must comply with nondiscrimination requirements including rules that the plan does not discriminate in favor of highly compensated individuals as to eligibility to participate.
What Businesses Need to Know about Non-Discrimination Requirements
The IRS issued a notice on December 22nd, 2010 which provides that employers will not be subject… Continue reading
1099 Reporting Requirement Repealed
Health care reform required that business owners, starting in 2012, file a 1099 form for all vendors from which they buy $600 worth of goods or services within a year. On April 5, the Senate voted to repeal the provision and the House passed the measure in March. The White House announced on April 15, 2011 that… Continue reading
1.) Provisions for Plan Years Starting on or After Sept., 23, 2010
All group health plans – whether or not they were grandfathered, must provide these benefits:
- Health plans that offer dependent coverage will have to cover dependents on a parent’s plan until their 26th birthday regardless of their student status.
- Plans may not impose pre-existing conditions on… Continue reading
One of the provisions in the Affordable Care Act states that insured group health plans must comply with nondiscrimination requirements including rules that the plan does not discriminate in favor of highly compensated individuals as to eligibility to participate. The IRS issued Notice 2011-1 on December 22nd, 2010 which provides that employers will not be subject to penalties regarding compliance with nondiscrimination provisions until after administrative… Continue reading
The Departments of Labor, Health and Human Services and Treasury have amended the grandfathered health plan regulations under the Patient Protection and Affordable Care Act. The new amendment, which was released on November 17, 2010, “allows all group health plans to change insurance companies and shop for the same coverage at a lower cost while maintaining their grandfathered status, so long as the structure of the coverage doesn’t violate… Continue reading