Healthcare Reform: Mistakes To Avoid And Action Items For Employer-Sponsored Group Health Plans
The Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010 (collectively, the “Act”, and popularly known as “healthcare reform”) substantially changes the country’s health care financing system. In general, the Act (a) requires U.S. citizens and residents to have health coverage; (b) creates state-based health insurance exchanges to assist individuals in finding coverage; (c) imposes new mandated coverage requirements on employer-sponsored group health plans; (d) creates health coverage subsidies for individuals and small businesses to assist with health insurance premiums; and (e) imposes new taxes on employers and individuals to pay for the Act.
The first part of this article highlights the top five mistakes an employer might make with respect to the Act. The second part of the article provides more detail regarding the requirements of the Act and lists action items for employers and their group health plans.
Excerpted from The Practical Tax Lawyer, August 2010 © ALI-ABA. To read the full article, click here (purchase required).