ABC New Hampshire & Vermont News
Health Care Reform Overview for Contractors
ABC has created a comprehensive Health Care Reform overview manual available in hard copy or via email as a PDF. The reference guide highlights several key tax, funding and coverage implications stemming from the Patient Protection and Affordability Care Act. Topics include:
~ The tax implications of the Individual Mandate.
~ An overview of how premium subsidies will impact individuals and employers.
~ Several key tax implications impacting employers including small employer tax credits, large employer tax penelties, W-2 reporting requirements, and employer deductions for retiree drug coverage.
~ Several new miscellaneous taxes including expanded Medicare tax, a “Cadillac” tax on high cost insurance plans, changes in how health savings accounts and similar financing arrangements operate and additional fees and assessments which impact employers.
~ An overview of several key Medicaid changes and how employers will be impacted.
Please contact the chapter office to receive a copy of the reference guide.
As a reminder, below are some critical deadlines for employers with 50 or more full time employees, or the equivalent (from an article in our Winter RESOURCE Magazine):
April 1, 2013: Employers who have not previously offered healthcare coverage to their workers, and intend to do so in time to meet the January 1, 2014 deadline, should begin researching carriers and benefits administrators. Employers who currently offer coverage to their workers should take steps to determine whether the coverage meets minimum standards required by ACA.
July 1, 2013: Large employers should determine their look-back method to adopt a transition measurement period for purposes of determining full-time status of employees.
September 1, 2013: Employers who intend to offer health insurance coverage to their workers should have chosen a carrier and benefits administrator by this date.
October 1, 2013: Healthcare Exchanges’ Open Enrollment begins. Employers who are required to comply with ACA will be penalized if even one employee who is eligible for coverage goes to an exchange.
October 1. 2013: Employers who have not previously offered healthcare coverage to their employees, and intend to, should have all paperwork submitted to that carrier by this date to ensure that coverage may become effective by January 1, 2014.
November 1, 2013: Employers, in conjunction with their benefits adviser, should be communicating benefits, scheduling enrollment meetings, overseeing enrollment of all employees, turning in necessary forms, etc. This is the month to get your employees ready for the new year!
January 1, 2014: Employers must offer affordable coverage to employees who work over 30 hours a week or face a penalty.