Brooker Insurance Agency's
Health Benefits Newsletter
Greetings!
The Brooker Insurance Agency - Health Benefits Newsletter is dedicated to providing you with up-to-the-minute information on the latest changes brought on by implementation of the Affordable Care Act (ACA), and the short and long-term impact these changes will have on your business. *
At Brooker Insurance Agency, we are committed to providing you with the information and resources you need to navigate the ever-changing landscape of health care reform. **
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Update:
Employer Mandate Penalties Delayed Until 2015
Businesses that do not offer healthcare benefits to employees will not be subject to penalties under the Affordable Care Act (ACA) until 2015. Employer mandate penalties have been postponed for one year until 2015, as announced by the U.S. Department of Treasury late last week. EMPLOYER MANDATE DELAYThe employer mandate provisions of the ACA, also known as the "play or pay" rules, impose penalties on large employers that do not offer affordable, minimum-value coverage to their full-time employees and dependents. These rules were originally scheduled to take effect on January 1, 2014. According the the Treasury Department, the delay until 2015 was required because of issues related to the complex reporting requirements The delay will give regulators additional time to streamline the rules employers must follow to comply with the reform legislation. DELAY EFFECTS ON EMPLOYERSKeep in mind that the law is still on the books, meaning that employers with 50 employees or more are still directed to provide coverage for full time workers beginning in 2014. It's just that the penalties associated with that part of the legislation that impacts employers with 50 or more employees won't be enforced until 2015. The one year delay will give employers additional time to understand the employer mandate rules, to make better-informed decisions about providing health coverage, and to adapt their reporting systems, without worrying about potentially significant penalties. For more information about the employer mandate and the recently announced penalty delay, please contact Jamie Debenham at (440) 238-5454. |
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Second ACA Delay Announced:
Honor System Reporting on Income for Public Exchange Subsidy
A second delay in the implementation of ACA was quietly announced on July 5th. In a new rule published Friday, the administration said they would significantly scale back on the law's requirements that the new exchanges verify consumers' income and health insurance status until 2015, when stronger verification systems are in place. In the meantime, the government will rely on consumers' self-reported information.
Health insurance exchanges set up under the ACA are set to begin open enrollment October 1st. Enrollees with incomes ranging from 100 percent to 400 percent of the federal poverty line are eligible to receive tax subsidies to help them buy insurance. They also must not have access to insurance through their employer to qualify.
According to the final rule, "the exchange may accept the applicant's attestations regarding whether new applicants receive employer-sponsored insurance benefits and whether the applicant's income status qualifies under federal guidelines for the health care subsidy....without further verification".
The administration said they would conduct random checks to verify consumers' income and health insurance status until 2015 when stronger verification systems are implemented.
For additional information, please contact Jamie Debenham at (440) 238-5454.
Source: 2013 BenefitsPro, "Administration Quietly Announces Another PPACA Delay"; www.benefitspro.com. |
For More Information......
Health Care Reform Resources (links)
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Brooker Insurance Agency 
The Brooker Building, 10749 Pearl Road
Strongsville, Ohio 44136
Phone: (440) 238-5454
Toll Free: (800) 722-0055
Jamie Debenham
Vice President, Employee Benefits
Cheryl Bruyere
Commercial Sales Account Executive
cbruyere@brooker-ins.com
Karen Potoczak
Health Benefits Manager
kpotoc@brooker-ins.com
* The content in this newsletter is provided solely for informational purposes. It is not intended as and does not constitute legal advice. The information contained herein should not be relied upon or used as a substitute for consultation with legal, accounting, tax and/or other professional advisors.
** Content provided through PrimePay/HR360. PrimePay is a nationally recognized industry leader servicing the payroll industry and specializes in the optimization of payroll processes, HR and work force needs, and insurance and benefit management. For more information about PrimePay, please click Here . HR 360 is the leading publisher of Human Resources intelligence for businesses large and small. HR360's online library is a repository of actionable information and guidance that enables employers to manage and maintain their staffs while complying with ever-changing employment laws, rules and regulations. For more information about HR360, please click Here .
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Brooker Insurance Agency
Employee Benefits Division
We provide the highest quality professional services to our clients.
Our highly trained and experienced professionals are well versed in the complex and ever changing area of group and individual health care benefits. You can expect expert guidance, excellent communication and dedicated support with personal service.
Our goal is to make the process of offering employee benefits less stressful on your human resources department. We partner with you throughout the year to help administer and service your benefits program - from start-up through renewals, and everything in between. Call us today to discuss your company's current benefits plan. |
Is Early Renewal of Health Insurance Coverage an Option for Your Group? 
While the stated purpose of health care reform is to lower health care expenditures, there are a number of cost and fees associated with its implementation. Many of these costs and fees are scheduled to be imposed in 2014.
To help mitigate the impact of these fees and operational costs on employers, some insurance carriers are permitting employers to renew their coverage early, in late 2013, as opposed to waiting until their 2014 policy anniversary dates.
Employers, including small employers, should contact their health insurance agent or broker to determine if this is an option for their company. Early renewal will not be appropriate for every group, and your insurance agent or broker can help you assess whether it is the right choice for your group.
For more information, please contact:
Jamie Debenham
(440) 238-5454
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