With the March 31 deadline on the horizon, many Americans are worried about enrolling in health plans. Federal officials acknowledged this predicament by extending the deadline for those who have started the application process on Healthcare.gov. Getting an extension is as simple as checking the box that you tried to apply before the deadline. An article from the Washington Post has the details.
We’ve looked a lot at how Health Care Reform impacts businesses and individuals from a regulatory standpoint. However, some of the biggest changes are happening behind the scenes within the Healthcare System. In order for the Affordable Care Act to be implemented smoothly, many aspects of patient care, medical records, and internal workings of Healthcare facilities must be reviewed. An article from the American Hospital Association reflects on the impact of Health Care Reform.
As of the end of February, over 4.2 million people have signed up for insurance through the exchanges implemented by the Affordable Care Act. About 25% of those signing up for insurance plans are young adults, who play a pivotal role in the prospective success of the Affordable Care Act. The final date for open enrollment is March 31, 2014. CNNMoney takes a look at the numbers and outlook for the last month of enrollment.
Enrollment in all State and Federal Health Insurance Exchanges/Marketplaces will close on March 31. Are you prepared? Let us know if we can be of assistance. http://www.eidebailly.com/services/health-care-reform/
The new federal budget that was recently released aims in part to remedy the current doctor shortage. With rising population and prices, and falling competition, this shortage of doctors could have a substantial negative impact on the application of Health Care Reform. Roughly $5.23 billion is proposed to be used over the next 10 years in an attempt to bring up the number of available physicians. While this may be a step in the right direction, some worry that it doesn’t even begin to touch the underlying problem. An article from CNN Money’s Fortune Blog discusses the issue.
Recently, Kelley Grace, one of our Partners, had the opportunity to listen in on a presentation by the U.S. Chamber of Commerce. The U.S. Chamber of Commerce is working on the following items related to Health Care Reform:
- Possible extension of the already extended cancellation policy: another one to three years, since the renewals/cancellations will likely come during election time.
- The U.S. Chamber is pushing for a safe harbor on employer reporting under 6055 and 6056. They brought up a 9.5% of 100% of the federal poverty level. If a business meets this they could check a box and basically say, come audit me if you don’t believe me.
- There has been additional discussion of raising the full time equivalent requirement from 30 to 40 hours.
- Applicable Large Employer definition changes to historical small versus large business definitions. It will most likely be based on revenues and will follow the treasury definitions.
Please contact an Eide Bailly Health Care Reform Specialist for additional information related to Health Care Reform and the impacts on your business.