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.