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Politics Aside....
Now That The Supreme Court Has Spoken,
What Do Employers Need To Know About
The Affordable Care Act?
Now that the Supreme Court has ruled that the Patient Protection and Affordable Care Act is constitutional, employers should make sure their employee health plans comply with that law. Although we are in a relatively quiet period under the Affordable Care Act, there are certain requirements that employers must address now.
What Do You Need To Do Now?
Of immediate concern to employers is the Summary of Benefits and Coverage, which must be distributed during the first open enrollment period after September 23, 2012.
- This requirement applies to all group health plans, regardless of size.
- The Summary should be prepared by the plan's insurance company and must satisfy very specific format requirements. (If the plan is self-insured, the employer is responsible for preparing the Summary.)
- If an employer's medical plan has an open enrollment period this fall, the employer should contact the insurance company to verify the insurance company is preparing the Summary.
- The employer should ask to review the Summary to make sure it complies with the Department of Labor requirements.
- Click here for a sample Summary prepared by the Department of Labor. If the Summary prepared by the insurance company is very different from this sample, the employer should follow up with the insurance company.
What Lies Ahead...
2013: Next year, the W-2 reporting requirement for larger employers (beginning with the 2012 W-2s) and the $2,500 "cap" on Health Flexible Spending Account deferrals go into effect.
2014: The following year, the major changes under the Act will take effect, with employer and individual mandates, state-run health exchanges, and vouchers.
Nukk-Freeman & Cerra will continue to send periodic e-alerts to help keep you up to date and aware of any changes to, or requirements of, the Affordable Care Act as they approach.
In the meantime, if you have any questions regarding the Affordable Care Act or need assistance reviewing your Summary of Benefits and Coverage, please contact Christine Gottesman or the Nukk-Freeman & Cerra attorney with whom you normally work.
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