health care reform
No one will escape the reach of the Affordable Care Act. Every business regardless of size will see some impact. It may be small or quite large depending on your company's unique circumstances. What is your plan? Do you have one? Regardless of your answer, Tuesday, October 15th will give you one last opportunity to make sure you are putting your business in the best possible shape to handle the impact of the Affordable Care Act.
After many years of waiting to see what community rating will do to small employer groups, we are finally seeing real numbers. Unless your current insurance premiums are already high due to poor claims experience, the community rated rates are not pretty. So far, 15% is typical plus another 5% added in for the fees that will be applied to all group plans in 2014. This appears to be the starting point.
Less than 30 days are left to comply with the ACA's exchange notice requirement. Go here to get the details on this requirement that applies to ALL EMPLOYERS regardless of size or whether they have a benefit plan or not.
OK, so that was not the title to this WSJ piece. It was actually called "Subsidies for Older Buyers Give Insurers a Headache." It reports what some older Americans and others with health conditions are quickly finding out, the ACA is going to give them a sweetheart deal:
CNBC has a flair for understatement AND slothfulness. They have just discovered a "quirk" in Obamcare that "could financially penalize workers and their families."
Webster's defines "quirk" as a "peculiar trait." I am not sure this qualifies:
This week revealed yet another delay in Obamacare. This one concerns out-of-pocket limit for plans set out in the law. Under this rule out-of-pocket costs may not exceed $6350 for individuals or $12700 for a family after January 1st. The law also provides that for individual plans and small groups under 50 (in Texas or under 100 depending on the state), the deductible is limited to $2000.
I think we can safely categorize this under the things I am worried least about the Affordable Care Act: the fact that come January 1st, congressional staff will have to purchase health insurance through the federal exchange. Guess who is upset by this prospect? Congressional staff. From the New York Times: