26 Feb COMPLIANCE ALERT: HEALTH CARE REFORM 2013 – 2014 – WHAT YOU NEED TO KNOW
Compliance Alert: Health Care Reform – What You Need To Know
Keeping You Compliant With The Latest Government Regulations!
Prestige is working diligently in 2013 to ensure our clients stay in compliance with all the new laws and regulations affecting small to medium size businesses.
GOVERNMENT REGULATION
Affordable Care Act – What To Expect in 2013 and 2014
When President Obama signed the Affordable Care Act (ACA) in 2010 it put in place comprehensive health insurance reforms. Some have already gone into effect while others will continue to roll out over the next few years. With 2014 rapidly approaching, many insurance carriers, the states themselves, and both large and small employers are scrambling to meet the law’s requirements and waiting anxiously for the release of additional guidance.
Elements of the Affordable Care Act (ACA):
◦ Individual Mandate
◦ Employer Penalties
◦ Health Exchanges
◦ Premium and Cost-Sharing Subsidies
◦ Medicaid Expansion
◦ Insurance Market Reform
PRESTIGE SOLUTION
What Prestige Is Doing To Keep You Compliant!
Health Care Reform will remain a moving target for the foreseeable future and Prestige is committed to keeping you up-to-date on all matters affecting group health plans, and communicating changes to employees, to ensure compliance. Prestige is staying on top of all the new Health Care laws and summarized some of the changes below.
Overview of the Health Care Law 2013 – 2014
Below are some of the many changes that have, or will, take place.
2013
- New funding will be provided to state Medicaid programs that choose to cover preventative care services for patients at little or no cost.
- The law establishes a national pilot program expanding authority to bundle payments.
- States will receive two more years of funding to continue coverage for children not eligible for Medicaid.
- Health plans develop and file new rates and states approve or disapprove new rate filings
- HHS Secretary and states approve or disapprove premium rate increase requests
- Health insurance fee to fund Comparative Effectiveness is imposed.
2014
- New Health Insurance Exchanges will allow individuals and small businesses to compare health plans on a level playing field.
- Middle and low-income families will get tax credits that cover a significant portion of the cost of coverage, and the Medicaid program will be expanded to cover more low-income Americans.
- Strong reforms that prohibit insurance companies from refusing to sell coverage or renew policies because of an individual’s pre-existing conditions become effective.
- The second phase of the small business tax credit will be implemented, crediting up to 50% of the employer’s contribution to provide health insurance for employees.
- Grandfathered Plans – Pre-existing condition exclusions and annual benefit limits are prohibited.
More Regulations Ahead
The government will be issuing new rules and regulations on the Affordable Care Act and, most likely, changing the rules it has already made, based on employers’ and insurers’ comments. As always, Prestige will be at the forefront of the debate, ensuring your interests are well represented. Prestige is committed to keeping our clients compliant in 2013 and will continue to send compliance alerts.