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Health Care Reform Changes Mean Greater Employer Responsibilities

03/20/13

  05:08:58 pm, by MedBen5   , 263 words,  
Categories: News, Health Plan Management

Health Care Reform Changes Mean Greater Employer Responsibilities

Caroline Fraker at MBU

A featured presenter at many MedBen Universities this year will be Caroline Fraker, MedBen Vice President of Compliance. Since the passage of the Affordable Care Act (ACA) in 2010, Fraker has spoken at numerous seminars about how changes to health care laws will affect businesses. At an MBU sponsored by Corporate One on March 19, she discussed the new health care reform rules employers will soon face.

In her presentation, Fraker outlined major employer responsibilities in 2014, including the elimination of annual and lifetime dollar maximums and removal of pre-existing condition limitations. A good portion of her presentation spelled out how shared-responsibility penalties work for businesses.

As Fraker explained in some detail, an employer with 50 more more full-time employees may be subject to a penalty for failure to meet ACA rules. An employer that doesn’t offer minimum essential coverage to all full-time employees may be subject to the “Greater Penalty” – $2,000 per full-time employee per year. Or, should the employer offer coverage that does not have “minimum value” or is not “affordable”, they may have to pay a “Lesser Penalty” of $3,000 for each employee who receives a subsidy premium tax credit from the state or federal government to help pay for coverage.

Confusing? Definitely. Suffice it to say that the topic of penalties is too complex to be properly described here. But MedBen clients who have questions about how the so-called “pay or play” rules affect your business are welcome to contact Caroline at (800) 851-0907. And remember, she will also be a featured speaker at upcoming MBUs, so we encourage you to attend one this year!

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