As everyone knows by now, President Obama recently signed legislation that makes major changes to the healthcare system in the
For example, beginning in 2014, the legislation will require an employer with more than 50 full-time employees to pay $2,000 per employee if the employer fails to offer health coverage and has at least one full-time employee rece iving a premium assistance tax credit or cost-sharing reduction created by the legislation. The first 30 employees of the employer will be excluded from the calculation of the penalty. Therefore, an employer with 70 employees that fails to offer insurance would pay a penalty of $80,000.
Additionally, beginning in six months, health plans that provide dependent coverage will be required to provide it up to age 26. In addition, the legislation prohibits health plans from excluding coverage of pre-existing conditions for children. This provision is effective six months after enactment and applies to all employer plans and new plans in the individual market. This provision will apply to all people in 2014.
These are just a few of the ways healthcare reform will change things for employers - for a full rundown, join us for our can’t-miss webinar presented by benefit experts on April 21: Healthcare Reform: What the New Legislation Means for Employers; Get Prepared Now.