Since the signing of the new Healthcare Reform bill, most people are confused about the impact, if any the new legislation will have on them and their family. Every business owner that we insure is worried about the effect of the legislation on the health insurance they provide their employees as well as the finanical impact it will have on their business.
Regardless of what you may have heard, although the dramatic changes in coverage will take place in 2014, the impact to both individuals and businesses starts this fall. At Texas Associates, we have been sending out monthly updates to our clients on the latest developments. The reality is, the new rules of how we handle health insurance are being interpreted every day. For example, a recent Business Insurance magazine article stated: “The much-anticipated rules, a joint effort of the Internal Revenue Service, Department of Labor and the Department of Health and Human Services, detail the extent to which employers can change their health care plans…………and still be grandfathered, or exempt, from certain requirements of the law.”
Consult your Trusted Advisor on the changes coming this year and how to prepare for 2011 or feel free to contact our office. You should be having conversations now on subjects such as :
- When is coverage offered for family members up to the age of 26
- What can I buy with my HSA account next year?
- Is my plan grandfathered and why is that important?
- Do I have to buy the state exchange offered products?
- Are the tax subsidies offered in the Health Reform bill worthwhile for my business?
Having an agent or broker that is on top of this important issue and can help your business put together a plan for 2011 and beyond will be critical.