Now that the health care reform package has been finalized, employers need to be aware of its many provisions. Some small employers (less than 50 employees) may notice little change. However, larger employers will definitely be impacted–in their accounting for health care plans, the tax implications for their business, and in the definition and structure of the plans themselves.
Officially, the reform package is made up of two acts: the “Patient Protection and Affordable Care Act” and the “Health Care and Education Reconciliation Act.” If you’d like to read a good summary of the acts’ hundreds of pages of text, check out this link on the site Lexology: http://www.editurl.com/gf7.
We’ll all learn more about what’s required of employers as the federal government (including the Internal Revenue Service) and insurance companies sort out the details. In the meantime, start to become familiar with the highlights of the reform package. You’ll be glad you did!
How do you expect health care reform to affect your business, including your business management software? Post a comment and share your thoughts!