The Effects of the New Healthcare Reform
Earlier this year, President Obama signed off on the Patient Protection and the Affordable Care Act. Today, EMR Billing Solutions tells you how Healthcare Reform is affecting larger and smaller companies.
Most Healthcare Reform laws focus on expanding access to health-care coverage. Major expansions and incentives are in place for the new laws, including incentives for private insurances, public programs, new additions to the health-care cooperatives and exchanges, and further expansion on individual and employer requirements.
Healthcare Reform Changes in 2014:
- Maintain state-based health-insurance exchanges that offer individuals the option to purchase qualified health-insurance coverage.
- Small Businesses must generate Small Business Health Option Programs (SHOP), for businesses with 10 employees or less.
- Instill new requirements for individuals who have qualifying health-insurance coverage, or who face a penalty that is phased in over a period of time.
- Assessments for Large Companies with over 50 employees that do not offer coverage, and have one full-time employee who receives premium tax credit – $2,000 per full-time employee – disregarding the first 30 employees from the assessment.
- Penalties for Large Companies with over 50 employees that offer coverage and have one or more full-time employees receiving a premium tax credit -$3,000 for each premium tax credited employee. The total penalty depends on the amount the company must pay if no insurance coverage was offered.
- Compose an essential health-benefits package that contains a comprehensive set of services that cover 60% or more of the actuarial value, including the covered benefits and limits on cost sharing