Benefits Plan Administration

On my last blog, I highlighted changes that took effect immediately and stretching through 2013. So, what happens in 2014 and beyond?

State-based insurance exchanges open for business. The exchanges are available to individuals and small businesses with less than 100 full-time employees (seasonal workers are not excluded).
Annual dollars limits on coverage can not be required as of January 1, 2014.
Waiting periods are limited to 90 days.
Preexisting exclusions are prohibited on plans.
Plans must include 'comprehensive health coverage' that includes the general categories defined in the legislation.
U.S. citizen and legal residents are required to have health coverage. Those do not enroll in a plan will have to pay a penalty.
Employers with more than 50 employees that do not offer group coverage and has one employee that received a premium assistance tax credit will be assessed a fee per for every full-time employee. The first 30 employees are not counted.
Large employers (more than 200 full-time employees) must automatically enroll full-time employees into a plan.
In 2018, an excise tax will be applied to insurers of employer-sponsored health plans that have a total value that exceeds $10,200 for individual and $27,500 for family coverages.

There are a lot of provisions associated with the new health care reform legislation that will impact your employee benefits plan. Small business PEO's bring to an expertise at both a Employee Benefit Advisor and Employee Benefits Administration capacity. Managepoint is a PEO Indianapolis and Dayton PEO. Contact us today and put us to work for you!