HEALTH CARE REFORM AND BENEFITS ENROLLMENT
With annual benefit enrollments on the horizon, you need to prepare now for the changes the Affordable Care Act (ACA) will be bringing as of January 1 – such as mandatory health insurance for every American.
If the company’s health plan doesn’t meet the ACA coverage and affordability requirements, let your employees know that they may be eligible for tax credits and cost-sharing reduction. The employees prefer to buy a qualified plan through a state-wide public exchange. If workers make this choice, they will not receive any employer contribution toward their premium, or any tax advantage.
Despite the recent one-year delay in the employer shared responsibility requirement (“pay or play” option), your 2014 health plan must provide the mandatory benefits under the ACA, In addition, the plan can’t have any annual coverage limits or exclude people with pre-existing health conditions. The benefits must extend coverage to children up to age 26 and meet limits on deductibles and out-of-pocket expenses, among other requirements.
During this transitional period of health care reform, you need to communicate benefits options and their value to employees clearly. Make sure your workers understand that, in most cases, their health benefits won’t change and they won't need to shop for coverage on the state public exchanges.
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There is a wide range of learning tools and enrollment methods to help you succeed in benefits enrollments. Research shows that plan participation is highest when employees have three weeks or more to absorb benefits-education information, through at least three different sources.
Our agency’s Employee Benefits specialists stand ready to help you keep your workers informed so they can make the right choices.