Just in case you missed the buzz, The Affordable Care Act of 2010, also known as Obamacare represents is an overhaul of the American Healthcare system. Some highlights include:
- Coverage for pre-existing conditions
- Coverage for college dependents up to age 26
- Ban on lifetime limits on medical coverage
- Policy cancellation prevention if you are sick
Whether you or not you support the Affordable Care Act, if you are an employer, there are some upcoming changes that employers need to know specific to employee notifications.
According to the Law Firm of Goldberg Segalla, employers should begin to plan for changes based on the Affordable Care Act as highlighted on the law firm's website and quoted below:
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…[Employers] with 50 or more full-time employees to provide each employee at the time of hiring with written notice, in plain language, of certain provisions of the Affordable Care Act, including:
- Notice of the existence of a health care exchange (the state-organized health insurance marketplace, a mandatory provision of the Affordable Care Act), including a description of the services provided the exchange, and the manner in which the employee may contact the exchange to request assistance
- If the employer’s contribution to the health insurance premium is less than 60 percent, notice that employees may be eligible for a premium tax credit under Section 36B of the Internal Revenue Code of 1986 and a cost-sharing reduction under Section 1402 of the Affordable Care Act if the employee purchases a qualified health plan through the exchange; and
- Notice that if the employee purchases a qualified health plan through the exchange and the employer does not offer a free choice voucher [i], the employee may lose the employer contribution (if any) to the health benefits plan offered by the employer and that all or a portion of such contribution may be excludable from income for federal income tax purposes.
Dianne Shaddock
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