Do you know the story of Chicken Little? Chicken Little cried out to Henny Penny, “The Sky is Falling! The Sky is Falling!” and the two almost fell prey to Foxy Loxy. Well, if your existing health insurance or employee benefits agent/broker/advisor hasn’t told you yet, James Tiernan, The 24/7 Insurance Guy is telling you now . . .
The sky isn’t falling, but there are many key elements in The PPACA (Patient Protection Affordable Care Act) also known as Obamacare that are affecting you and will continue to affect the way small business owners handle their sponsored group insurance plans.
For instance, beginning this 2012 year, all group and individual health insurers are required to provide a Summary of Benefits and Coverage explanation (SBC) that meet specific criteria when employees applied for group benefits or when changes are made to their in-force sponsored or non–sponsored individual plans.
Find out what's happening in Homewood-Flossmoorwith free, real-time updates from Patch.
In 2013, all employers must inform and provide written notice to all employees, of the existence if the state-based insurance exchanges.
Small businesses that employed 25 or fewer full time employees with the average annual wages per employee of less than $50,000 are now eligible for a tax credit of up to 50% of premiums for up to two years, if the employer paid at least 50% of the premium cost.
Find out what's happening in Homewood-Flossmoorwith free, real-time updates from Patch.
The previous penalty for non-qualified distributions from HSAs, has been increased from 10% to 20%!
Parents currently on group or individual health plans are able to cover their dependent children up to age 26. This law changes in 2014 when grandfathered plans (those not having made plan or insurance carrier changes) will only have to cover those dependents that do not have another source of employer – sponsored health plans.
Don’t let your employer or yourself be unreasonably afraid like Chicken Little! If you or your employer would like to receive a handy timeline to guide them through the federal and state health insurance requirements for individual and small businesses, keeping them or yourselves informed, and call us @ 708-957-2900 or just shoot us an email jim@brokersconsultantsinc.com
Thanks!! James Tiernan, The 24/7 Insurance Guy
