{"id":7305,"date":"2012-06-26T11:26:39","date_gmt":"2012-06-26T11:26:39","guid":{"rendered":"https:\/\/affinityhrgroup.com\/2019\/05\/health-care-reform\/"},"modified":"2012-06-26T11:26:39","modified_gmt":"2012-06-26T11:26:39","slug":"health-care-reform","status":"publish","type":"post","link":"https:\/\/theworkplaceadvisors.com\/health-care-reform\/","title":{"rendered":"Health Care Reform"},"content":{"rendered":"<p>In June, 2012, the U.S. Supreme Court rendered its decision upholding the Patient Protection and Affordable Care Act (PPACA). Compliance with the Act may make some small employers eligible for tax credits and grants, while non-compliance may subject some employers to penalties. With requirements for 2012 and 2013 fast approaching, employers who do not have a compliance plan in place should make this a priority or, at minimum, understand the implications.<\/p>\n<p>Specifically, there are two requirements that go into effect in 2012:<\/p>\n<ul>\n<li>Summary of Benefits and Coverage &#8211; Employers must distribute a uniform summary of benefits and coverage (SBC) to participants for open enrollment periods starting after September 22, 2012.<\/li>\n<li>Value of Health Coverage Reporting &#8211; Employers must report the value of health coverage on IRS Form W-2 for 2012 (distributed in early 2013). Small employers that filed fewer than 250 Forms W-2 for 2011 are not subject to the reporting requirement for 2012, but may be subject to the requirement in future years.<\/li>\n<\/ul>\n<p>The majority of PPACA requirements go into effect in 2013, 2014 and 2018. If you have not evaluated the requirements and how they may impact your organization, consider this a friendly reminder that doing so today may be beneficial.<\/p>\n<p>Here are three reasons small businesses need to know about PPACA:<\/p>\n<p>1) Penalties &#8211; If you have more than 50 full-time equivalent (FTE) employees, compliance may help you avoid significant penalties.<\/p>\n<p>2) Tax Credits &#8211; If you pay at least half of your employees health insurance premiums, have fewer than 25 FTE employees, and the average annual wage for employees is below $50,000, you may be eligible for tax credits. These tax credits have been in place since 2010 and are slated to increase in 2014.<\/p>\n<p>3) Wellness Program Grants &#8211; Small employers that did not have wellness programs in place as of March, 2010, may be eligible to receive grants to help start such programs.<\/p>\n<p>As we look to the future, there are additional potential benefits that may come to small employers from health care reform. In 2014, the Act mandates the creation of insurance exchanges. This may allow small employers to shop for insurance at rates typically only available to large employers.<\/p>\n<p>To evaluate the impact PPACA may have on your small business, consider talking with an accountant, benefits specialist and\/or attorney. Or better yet, give us a call!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In June, 2012, the U.S. Supreme Court rendered its decision upholding the Patient Protection and Affordable Care Act (PPACA). Compliance with the Act may make some small employers eligible for tax credits and grants, while non-compliance may subject some employers to penalties. With requirements for 2012 and 2013 fast approaching, employers who do not have [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7305","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Health Care Reform - The Workplace Advisors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/theworkplaceadvisors.com\/health-care-reform\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Health Care Reform - The Workplace Advisors\" \/>\n<meta property=\"og:description\" content=\"In June, 2012, the U.S. Supreme Court rendered its decision upholding the Patient Protection and Affordable Care Act (PPACA). 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