On May 4, 2010 Grahall hosted a webinar on the new heath care reform bills signed into law in March 2010. Presenters Pate Steele of Grahall, Robert Cirkiel of UHY Advisors and Todd McDonald of Aisling Partners reviewed the main provisions of the reform, discussed the timeline of events and actions required, and shared information and tool needed to respond to health care reform.
Complete recording of the conference call, all presentation materials and other information are available on the Grahall website. Listen to the conference call (the conference content begins about 6 ½ minutes into the recording) and access the presentation materials.
On March 23, 2010 President Obama signed into Law the Patient Protection and Affordable Care Act, the following week Obama signed The Health Care and Education Reconciliation Act signed into law. These 2 laws complete the current efforts to enact comprehensive health care reform in the United States. The scope and impact of the changes are significant making it imperative for employers to understand the changes in order to meet new requirements, take advantage of new opportunities and optimize plan designs.
The health care reform bills are essentially just frameworks and the requirements will be defined by as yet to be written regulations. There are important things to know even before the regulations are released.
1) Determine if you qualify for the small employer health premium subsidy, this tax credit is “free money” to those who qualify.
2) On June 23, 2010 a reinsurance program will be introduced for employers with retiree medical plans that cover early retirees. The reinsurance program, funded with $5 billion, is intended to cover 80% of “large claims”. Employers will need to apply. No doubt there will be an enormous rush to apply for these funds.
3) Determine if you have “grandfathered” plans not subject to some of the otherwise required changes, and if it makes sense to maintain these plans, and what you do and do not need to be concerned with regarding the new requirements.
4) Begin preparing the communications for 2011 enrollment period. Employers will need to conform with yet to be written regulations and 2011 mandates. AND any material plan changes must be communicated to employees at least 60 days before the effective date (or 10/31/2010 for plan years beginning 1/1/2011)
There is more insight, material and tools available on our website. Complete recording of the conference call, all presentation materials and other information are available on the Grahall website. To listen to the conference call go http://www.grahall.com/knowledge/event-transcripts/. The conference content begins about 6 ½ minutes into the recording. To access the presentation materials go to http://www.grahall.com/knowledge/event-transcripts/
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