Sunday, July 14, 2013

What's this about delays in federal health reform

Starting just before the July 4th holiday federal agencies announced various changes or delays in health reform's implementation timeline.

My note today is to share a couple things which affect employers:

● The penalty for employers with over 50 employees who do not offer medical insurance will not be imposed beginning Jan 1, 2014. Instead the effective date will change to Jan 1, 2015. The requirement to offer coverage or pay penalty is still there - just not going to be enforced.

● The requirement for employers and health insurance companies to make various reports was also been delayed.

Couple things, which will affect individuals who are applying for premium support through the Health Insurance Marketplace. The Connecticut marketplace is calling itself Access Health CT.

● Individuals will be asked to attest if they currently have employer based medical insurance. Individuals will also be asked about the level of their coverage and it's cost. The planned online verification process will be delayed.

● An individual will also enter their income to determine what, if any, premium support for which they qualify. This will not be verified through the online enrollment system as planned. However, similar to other tax related reporting the confirmation will be made as part of a person's annual 1040 tax return. If an individual receives premium support, which is technically a refundable tax credit, and they are not eligible it will have to be paid back. If negligent reporting is found an individual can also be fined up to $25,000.

Contact if any questions. (860) 451-9793

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