The government has announced the one year delay of Obamacare, so we can go back to how we always did things, right? …NOT NECESSARILY!
While the U.S. Treasury has postponed the “shared responsibility” mandate for employers of 50 or more full-time employees and the Out of Pocket Maximum Plan Limit requirements have also been delayed for many plans until 2015, there are still five main changes that we all have to follow.
5 Things You Should Know
- The employer mandate has been delayed, but the individual mandate has not. As of January 1, 2014 all adult Americans must buy health insurance or pay a penalty to the IRS.
- Health Care exchanges for eligible individuals to buy health insurance are set to open October 1, 2013 with coverage beginning January 1, 2014. The federal government will operate the exchanges in 34 states and the states will manage their own exchanges in the other 16. The exchanges are expected to provide federally subsidized health coverage for 7 million people in 2014.
- Employers must provide notification to all employees of the health insurance options available 2014. This Healthcare Exchange Notice should be specific to the state in which the employee resides and include state-specific exchange information. The deadline for this notification is October 1, 2013.
- Employers that offer group medical plans are obligated to provide a Summary of Benefits and Coverage (SBC) annually and to all new hires.
- New individual and group health plan requirements that take effect for the 2014 plan year include: a maximum 90 day “waiting period”; removal of pre-existing condition limitations; elimination of annual dollar limits for essential health benefits; and a new out-of-pocket maximum for some plans. These new limits reduce plan options for small business owners as they look at renewals for 2014.
Don't wait until it's too late to determine your strategy. If you need assistance, or have additional questions, email or call Kim Troup at (615) 665-9060.