Initial Health Care Premium Information

We are beginning to see initial information on Health Care premiums for individuals in the new Marketplaces.

U.S. News and World Report recently wrote an interesting article.

In addition, the graph below compares the Kaiser Annual Premium Study averages for the past three years to the Exchange rates released from the Avalere study and MN Sure for self only coverage. The light blue graphs are the Avelere rates for 25 year olds (young), 40 year olds (middle age), and 60 year olds (Old). The yellow line represents the Avalere average of the three age categories. The purple line is the same average of the age categories for the MN Sure rates.

Watch for additional information.

2013 Early Exchange Premium Comparisons to Kaiser Study Averages

HCR: Issues to Consider

VIDEO: What Non-Financial Issues Do I Need To Consider?

As an employer, you will be faced with a number of financial issues regarding Health Care Reform. However, Ross Manson, Principal and Health Care Reform leader at Eide Bailly, notes that there are also many non-financial issues that employers need to consider, such as recruiting and implementing necessary changes.

Employee Notification by October 1, 2013

All Employers Must Notify Employees of Marketplace Before October 1, 2013

Under the Patient Protection and Affordable Care Act (PPACA) employers are required to notify employees about the federal health insurance Marketplace by October 1, 2013.

ALL employers subject to the Fair Labor Standards Act are required to provide a notice to ALL employees about the existence of the Marketplace. The notice must be provided in writing and inform employees of coverage options, contact information and a description of services provided by the new Marketplace.

In addition, the notice must:
• Inform the employee that they may be eligible for a premium tax credit if the employee purchases a qualified health plan through the Marketplace.
• Include a statement informing the employee that, if the employee purchases a qualified health plan through the Marketplace, the employee may lose the employer contribution (if any) to any health benefits plan offered by the employer.
• Clarify that all or a portion of such contribution may be excludable from income for federal income tax purposes.

Visit for additional information about notification requirements.

Video: Do You Have a Grandfathered Health Insurance Plan?

As of January 1, 2014, the Patient Protection and Affordable Care Act will require all individuals in the U.S. to have some form of health insurance. While this will impact ALL businesses, employers with 50 or more full-time equivalent employees will be required to either provide affordable health insurance coverage for all employees, pay defined penalties and send employees to a Health Insurance Exchange to purchase insurance, or develop a new hybrid health insurance plan.

Eide Bailly is taking a lead on helping its clients comply with this Act. Ross Manson, health care consultant, answers the question, “Do you have a grandfathered health insurance plan?” in this video. We encourage you to learn more at , as all businesses must comply by January 1, 2014.

Businesses have more choices now than ever before, but determining the best plan can be confusing and complicated. Eide Bailly has developed a proprietary calculator to help you quickly and efficiently analyze your specific situation, so you can select and implement a plan that works well for your company and your employees. For more information, click here: