The Affordable Care Act (ACA) requires companies of a certain size to provide health insurance to their workforce. You have probably heard the number 50 as the cut-off: companies employing at least 50 full-time (or full-time equivalent) employees are subject to the requirements of the employer mandate — sometimes referred to as “employer shared responsibility” — and those employing fewer than 50 are not. UPDATE: Employer Mandate will be phased
What Every Business Needs to Know about the Affordable Care Act
We’ve added a new resource — What Every Business Needs to Know about the Affordable Care Act — on our Resources page. This is a terrific, easy-to-use guide that we think will be very helpful as companies and individuals do their best to learn about the new health care law. Take a few moments to check it out! Better yet, bookmark the page and refer back whenever you need to!
Small Employers May be Missing Out on Tax Credit
Attention Small Business Owners Do you employ fewer than 25 full-time employees (or full-time equivalents/FTEs)? Do you provide your employees with health coverage? If you answered YES to both of these questions, you may be eligible for a federal income tax credit on your annual federal tax return! Most people know that under the Affordable Care Act (ACA), small employers (those with fewer than 50 FTEs) are not required to
Employers Must Notify Employees About Health Insurance Information by October 1
Last month, we wrote about the Affordable Care Act’s (ACA) requirement that every employer provide written notice by October 1, 2013 to every employee about options for health insurance. In addition, after October 1, 2013, employers must provide the exchange notice to new hires within 14 days of the employee’s start date. We also posted a link to the Department of Labor’s (DOL) model notices that employers can use as
What is the Future of COBRA?
COBRA stands for the Consolidated Omnibus Budget Reconciliation Act of 1985, which is the federal law that allows many workers to be able to continue their group health insurance coverage, at least temporarily, through a continuation of coverage program. Although COBRA does not apply to all employers, there are other state and federal laws which make it possible for most employees who lose their employment due to a qualified event
Health Insurance Glossary
Shopping for health insurance? Deciphering the costs and provisions of the various plans out there can be very confusing. Here are some key terms that will help — whether you’re selecting a new plan or just trying to figure out your existing one. Quick-Reference Guide to Health Insurance Terms Allowed Amount – (also known as eligible expense, payment allowance, or negotiated rate) Your health insurance company has negotiated a pre-agreed
Could Affordable Care Insurance Grace Period Lead to “Gaming the System?”
Several weeks ago, we wrote about possible disincentives for doctors to accept health insurance sold on the marketplace (also known as exchanges). A recent article in the Sacramento Bee highlights a loophole in the law that deserves a further look. For subsidized policies sold in the exchanges, a provision in the Affordable Care Act (ACA) (federal law) provides for a three-month grace period during which the policyholder’s health insurance can
Great Overview of Affordable Care Act
Much has been written about the Affordable Care Act in advance of the opening of the exchanges scheduled for October 1, 2013. A recent article in the Wall Street Journal provides a terrific overview of what it will be like to buy health insurance after the exchanges open for business on October 1, 2013. Here are some key points from the article, the full text of which you can read
Policies Sold in the Health Care Exchanges May Offer Fewer Providers
Mandatory health insurance coverage under the Affordable Care Act (ACA) for most Americans starting on January 1, 2014 will cause a flood into the market of previously-uninsured individuals and those needing to get new coverage. Coupled with the fact that insurance plans will be required to cover a comprehensive list of essential health benefits, insurance companies and government officials are trying to find ways to hold down medical costs. Renegotiating
Like Your Health Care Policy? You May be Losing It!
In the spirit of full disclosure, the title of this post comes directly from an article published recently by the Associated Press, the full text of which you can read here. While we don’t want to be alarmist, we like the title because it really sums up the gist of what we may be seeing in the not-too-distant future. Some individuals who buy their insurance privately, as well as some