Small Business Medical Insurance and the Impact of Health Care Reform

The Patient Protection and Affordable Care Act (PPACA), otherwise known as the “Health Care Reform Act” was signed into law on March 23, 2010 by President Obama. Most of the initial provisions did not go into affect for 6 months, or September 23, 2010. The bill is a whopping 2000+ pages long, with a 14-page Table of Contents! It’s no wonder that most employers have little comprehension of what is contained in the bill, and less understanding of how the bill will affect their business. To understand the impact of the bill on your business, you should contact a specialist who is an expert on small business medical insurance plans and is familiar with the Act.In the meantime, we will take a cursory view of health care reform, and a year-by-year snapshot of changes to come. Hopefully, it will provide a starting part for discussion.The Act contains five key provisions:1. The requirement for all US citizens and legal residents to have health insurance;2. Penalties for employers who do not offer health insurance for their employees;3. State Based Health Exchanges created to offer cost effective insurance options4. Premium credits for low income individuals;5. Eliminates pre-existing condition and annual/lifetime benefit limitsA Year by Year Look at Health Care ReformSome changes went into effect in 2010, such as coverage for adult dependents (dependents until age 26), and several more will happen in 2011. The most significant changes, however, will not go into effect until 2014. Below is a snapshot of key changes that will be going into effect in the coming years:2011· No pre-tax reimbursements from “health accounts” for non-prescribed, over the counter medications,· 20% tax on nonqualified HSA withdrawals,· Reporting the value of employer sponsored coverage on w-2’s (delayed)· Automatic enrollment in long term care program, employer may opt out (delayed),· Drug company fees: $2.5 billion in 2011, $4.2 billion in 20182012· Uniform explanation of coverage,· Pre-enrollment document sent explaining benefits and exclusions,· 60 day notice for material modifications, if not provided in uniform explanation of coverage,2013· FSA contributions limited to $2,500,· New federal employer tax, $2.00 per covered individual per plan year· Medicare payroll tax increase from 1.45% to 2.35%,· Employer notice to employees of exchanges, premium subsidies, and free choice vouchers,2014· Individual mandate – every citizen must have coverage,· Individual penalties for not purchasing coverage,· Guaranteed issue,· State health exchanges effective· Standard benefit plans, (bronze, silver, gold, platinum),· Waiting period not more than 90 days,· Employer penalties for not offering coverage or at least one FTE receives a tax credit,· Health insurance company fees: $8 billion 2014, $14.3 billion 2018, 2019 prior year amount increased by premium growth rate.2018· Cadillac Tax. 40% tax on plans value in excess of $10,200 single, $27,500 family.Penalties for Non-CoverageAs stated, most of the act’s important provisions will become effective in 2014. The most relevant law for employers is the penalty they will face for non-coverage of employees. The exact penalties are complicated to calculate, base on numerous factors. Some of the basic guidelines are outlined below:Employers with more than 50 employees: · If coverage is not offered by the employer and even one full-time employee (FTE) receives a premium tax credit, the employer will pay a fee of $2,000 per FTE, excluding the first 30 ee’s.· If “affordable” coverage is not offered and one FTE receives a premium tax credit, the employer will pay the lesser of $3,000 for each employee receiving a tax credit, or $2,000 for each FTE. Affordable coverage is defined as an employee cost of health insurance, less than 9.5% of household income and the actuarial value of plan is at least 60%.· A Voucher will be required if the employee contribution exceeds 8% of household income.All Employers: · Employers that offer coverage are required to provide a free choice voucher to employees with incomes less than 400% of the Family Poverty Level (FPL), whose share of premium exceeds 8% but less than 9.8% of their income and who chose to enroll in a plan in the Exchange.· A Voucher equals to what the employer would have paid to provide coverage under the employer’s plan. Employers providing free choice vouchers are not subject to penalties.Employers with 200 or more employees· Required to automatically enroll employees into health plans offered by employer. Employees may opt out.If the provisions of the health care reform act sound complex, they are! We highly recommend you consult with a specialist who is an expert on small business medical insurance plans and is familiar with the Act. Feel free to contact CPEhr’s benefits specialist with any health care reform questions.

Affordable Health Care Insurance – Inexpensive Health Care Insurance Plans

Affordable Health Care Insurance! As the words show themselves that a medical health insurance policy that helps an ordinary person to keep up his leverage of medical checkups and costs. The usual medical costs without an insurance plan have become obsolete nowadays due to mainly the touching sky high medical costs. Due to this reason, many self-employed and other people having no medical insurance offered are looking for an affordable health care insurance which helps them keep up their medical needs in case of emergencies.Getting an affordable health care insurance may not be as simple. It requires extensive background research to look and find the best possible insurance plan for you. So, to find the best one, use the best searching tool, the internet. With the internet, you can find different insurance policies and compare their quotes.Contact your State Health Department for better insurance policies. One which not only cost much less but also helped to take care of all your necessary needs. Always go for the policy which doesn’t ask you for much money deductions first before going on with the insurance.Try and get a few days insurance package from the companies to make sure that the insurance policy suits you. If it does suit you, then go ahead and buy the Health Insurance. Search for the policies that guarantee renewal of your policies and do not return them back. Check for the best policy ratings and even contact different people who have had those insurance policies to get a better idea of what you are going to have to deal with.Affordable health care insurance may not even be as less expensive too but they certainly lower some fiscal burden from your shoulders. Obviously, it is better to pay less then to pay too high for health care. You know of your situation better, so whatever policies you select, just make sure it is in the best of your interest and that it will have long lasting fruitful effects on your health.

Health Care Administration Career Study and Coursework

The coordination and supervision of a variety of the health care aspects is a skill set that professionals are required to obtain through higher education. Training in health care administration is a program that integrates medical and business aspects to create a strong professional career. Students can pursue this profession by first completing health care administration career study and coursework.Students attending health care administration schools and colleges complete a considerable amount of training due to the work conducted inside the field. Administrators supervise other medical professionals and maintain the management of the entire system at their hospital or clinic. At its most basic administration professionals focus their time and energy on ensuring that the separate aspects of a medical facility run smoothly. Education is offered at every degree level making the profession accessible to all interested students. However, most entry-level careers require employees to have a bachelor’s degree and most employers prefer hiring individuals with a master’s degree.Students typically use undergraduate training to gain the foundation needed to work through graduate degree programs. The introductory aspects of medical transcription, coding, and billing are learned inside an associate’s degree program. Patient interaction and overseeing patient admissions is covered as students work to complete programs. Students that work through bachelors degree programs will have more career opportunities and the ability to enter masters degree programs. The effective delivery of all health care areas is focused on broadly so students understand the medical and business sides to the field. Courses are taken that teach students how to correctly oversee, develop, and deliver medical care. Courses that are integrated into undergraduate training may include:*U.S. Health Care SystemThe system is broken down to examine what professions exist and what responsibilities are carried out inside a facility. Courses like this cover every aspect of today’s healthcare system, which includes long-term care, mental health, tax-support, health promotion, planning, personal coordination, financing, marketing, and more.*EthicsThe issues facing today’s healthcare system is explored. Course subjects will include euthanasia, abortion, life-prolonging technology, and experimentation. These topics are connected to the aspects of leading a facility and understanding moral philosophy.Masters degree programs place a high emphasis on building the skills needed to act as leaders inside the profession. The economic policies, marketing practices, and legal issues involved in the administration of health care are learned as students work through programs. Students learn to monitor finances, policies, human resources, and budgeting problems. Students that continue their education at the doctorate’s level of training study the future of the system. Programs focus on taking student’s knowledge so they can oversee the daily processes of an organization and work on creating policies. Possible courses include:*Health Care LawThe legal issues facing administrators and medical practitioners are explored. Students learn about the regulation factors incorporated into healthcare systems.*Health Care InformationStudents learn to use today’s leading information technology to manage the delivery of medical care. The terminology and practices of information technology are explored in regards to providing patient care.To begin training in this field student’s should find colleges and programs that best fit their lifestyle and are accredited by the Commission on Accreditation Healthcare Management Education ( http://www.cahme.org/ ) or other approved agency. Once an accredited program is completed students can enter the health industry as managers and leaders.DISCLAIMER: Above is a GENERIC OUTLINE and may or may not depict precise methods, courses and/or focuses related to ANY ONE specific school(s) that may or may not be advertised at PETAP.org.Copyright 2010 – All rights reserved by PETAP.org.