Are You Staying Up-to-Date on Health Care Reform?

Health Care Reform and the Affordable Care Act impact all businesses. It is important to keep abreast of new developments and changes in order to comply with federal regulations. This may seem like a daunting task given the extensive requirements, but there are resources that can help. Below you'll find links to some of our recent articles and other information you may find useful in making an informed decision about Health Care Reform.

Affordable Care Act Updates
New guidance on various aspects of the Affordable Care Act has been continuous. Tax Manager Tonya Rule wrote an article highlighting updates related to "use it or lose it" requirements on flexible spending accounts; health reimbursement accounts; reporting requirements; the initial employer mandate delay; and requirements for notifying employees of the exchange. You can read about the recent delay of the "pay or play" penalty for certain employers by clicking here.

Possible Health Insurance Solution for Employers
In many markets, small group (under 100 employees) health insurance premiums are higher than individual health insurance premiums. Some employers can't afford the group premium increases they received for 2014. In addition, if an employer has group coverage, it may limit the ability for its employees to receive government subsidies.

A solution more businesses are embracing is the defined contribution plan, a cafeteria plan in which the employer contributes an amount per eligible employee, per year, that goes toward the purchase of health insurance, other insurance or pre-tax accounts.

The defined contribution plan allows employees to select the insurance coverage that best suits their needs from multiple carriers located in all 50 states, either through a private exchange or a state or federal exchange, if the employee qualifies for a subsidy. Click here to learn more about defined contribution health plans.

Interactive Resources