ACA and How it Affects YOU!

ACA and How it Affects YOU!

ACA and How it Affects YOU!In hopes of providing Americans with affordable health care solutions, Obamacare has brought new confusions to the world of health care. Both individuals and businesses must understand their role through Obamacare in order to avoid hefty penalties. We understand how confusing all of this can be, which is why we have gathered some vital information for your convenience:

  • The IRS has recently announced an update on the patient centered outcome research institution fee. This fee is an applicable dollar amount for following reporting periods. Healthcare plans that end in between October 1st, 2014 and October 1st, 2015 will be assigned the adjusted applicable amount of $2.08, not $2.00.
  • As a business owner, it is imperative that you confirm your organization is compliant with all Affordable Care Act rules and regulations. If you have not already submitted the five main employer notices, now is the time to do so. This includes disclosure of grandfather status, notice of patient protection, notice of waiver of annual limit requirement for stand-alone HRAs, notice of the availability of health insurance exchange, and a summary of benefits and coverage.
  • The open enrollment period is fast approaching. If you do not yet have health insurance, you must obtain this vital insurance policy between November 15th, 2014 and February 15th, 2015. Failure to do so will result in monthly penalties that are calculated based on your total household income. These penalties can quickly exceed healthcare costs.

Please do not hesitate to give us a call if you have any questions regarding the implications surrounding the Affordable Care Act. Contact Employee Benefit Plans, Inc. in Greenwood Village for all of your Colorado health insurance needs.