Health Care Reform


The 2010 Patient Protection and Affordable Care act has overhauled legislation on health care. The health care reform bill includes many changes to how businesses offer health care as well as new public options provided at either federal or state levels.

Since penalties will be levied from businesses that do not comply with the legislation, it is absolutely necessary to stay informed about what changes are happening and when they will be enforced.

Designing Benefits can answer your questions on all of the changes including:

Online insurance exchanges will sell coverage options in a marketplace setting in an effort to rein in rising health care costs. The exchanges will be available to both small businesses and individuals starting January 1, 2014.
The Small Business Health Care Tax Credit is devised to encourage small businesses and small tax-exempt organizations to offer health insurance coverage for their employees. The credit is aimed at helping businesses and organizations that employ moderate- and low-income workers.
If employers with a certain amount of employees do not offer affordable health coverage that provides a minimum level of coverage to their full-time employees, they may be subject to an Employer Shared Responsibility payment if at least one of their full-time employees receives a premium tax credit for purchasing individual coverage on one of the new Affordable Insurance Exchanges. 
Starting January 1, 2014, workers who aren’t already getting coverage through an employer will be required to either buy health insurance or pay a penalty. The penalty will be based on income and those whose income is 400% of the federal poverty level will qualify for subsidies. Businesses will also be required to pay a penalty depending on the size of their business. Fines will be levied from businesses with 50 or more employees that do not comply with the new rules and will have to pay $2000 per employee (excluding the first 30 employees). Business with fewer than 50 employees will be exempt from the penalty.