This is blog was originally posted on talentmgt.com.
The Affordable Care Act, also known as Obamacare, is one of the biggest revamps of our health care system in last 50 years since the introduction of Medicare and Medicaid in 1965. It changes the rules of health insurance coverage not only for businesses and insurers, but also for an estimated 20 million Americans. Since being signed into law four years ago, the details of the ACA have been trickling out to the masses. This year, however, marks the first phase of implementation.
The complexities of health care reform are difficult to navigate, but it’s important, particularly for those of us in the HR and staffing industries, to at least be well-versed on a few key areas. We’ve spent countless hours researching and following the latest provisions released on the ACA to do just that — we needed to do this not just for our own company, but to be an informed resource for our clients.
I break down some of the central points in this piece (meant to be informative and not a substitute for legal counsel), but consider first watching this six-minute video by the Kaiser Family Foundation. It is adeptly narrated by Charlie Gibson, former anchor of ABC’s “World News with Charlie Gibson,” and provides one of the better overviews of health care reform for every person. It will serve as good context for the information that follows.
Keeping Track of the Changes
As recently as February of this year, the IRS and Treasury Department updated the rules for implementing the employer “shared responsibility” provisions, also known as the “pay or play” mandate (all 227 pages worth). To understand pay or play, I thought Liz Moughan outlined it succinctly in a recent Talent Management.com piece:
Read the full piece, “Understanding ACA Updates and Planning Accordingly,” here.