On July 2 2013, the Obama administration announced a one-year delay in enforcement of the healthcare reform act’s (ACA) mandate that employers with 50 or more employees either provide an affordable qualifying healthcare plan to employees or pay a penalty.
The reprieve is welcome, but will you squander it?
For employers with 2-49 employees, nothing has changed. You should still be looking at what you can best do for your business and your employees. We’re told that the new Healthcare Marketplace will open on October 1.
Are your employees BETTER OFF buying their insurance through the Marketplace where they may qualify for a federal premium subsidy based on family income? Are you and they BETTER OFF shifting to a “defined contribution” healthcare strategy? Are you and they BETTER OFF continue a small group plan? Are you aware of the federal tax credit for which you, the employer, may be eligible if you purchase your group plan through the small employer group marketplace coming in 2014?
For employers with 50 or more employees, are you already prepared for the healthcare mandate when it returns in 2015? You now have a great gift to do the planning that you may have missed doing over this past year.
If your employees are largely lower wage employees, you have a particular challenge. These lower wage employees are very likely eligible for a federal subsidy of their insurance premiums if they buy their insurance through the Healthcare Marketplace. Can you match the value of that subsidy to the employee? Can you match the value of that subsidy for the cost of family coverage? Are you aware that, under the current regulations, if you offer affordable qualifying coverage, you block the employee from being able to get the premium subsidy?
What we cover in our workshop, “The Coming Healthcare Reform Hurricane – Solutions for Employers of 50 or more,” is the kind of thinking you need to be doing.
So, there is work for you to do. Don’t waste this extra planning time you’ve just been given.
When employees drive your business success…
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