We are off and running in an attempt to cover America under a Universal Health Insurance Program. As we clumsily begin this process most Americans have little or no understanding of its’ concept and to say the least the coverages provided along with the benefits to their employees or themselves.
If you are in the 50+ average full time employee category, consider yourself the target of an emerging welfare provider. The penalties for non-compliance for most of you will not be worth your electing to not provide coverage. It is interesting to note that where you have a high content of part-time employees and are reasonably close to the 50-65 employee census; if you desire not to offer coverage you can probably manipulate the hours of your employees for the shifting a small number of employees to an outside vendor for those services as a substitute to what were prior in-house duties.
For those of you who have less than 50 full time employees and do not wish to implement a health program of any kind you may do so with relief of any penalties or tax surcharges or any impositions for choosing not to adopt such a program.
For those employers who have chosen to offer a plan and have a threshold below 25 employees and whose average incomes are less than $50,000 per year you can change your present plan or install a new plan in one of the Insurance Exchanges provided by your State or the Federal Government. You will also have the flexibility of paying for the plan with a different percentage of employer contribution depending upon the income of your employee. You will also have the luxury of utilizing an Insurance Exchange for a potential tax credit against your employer contribution.
I suggest you wait at least 30 days before going through the process of learning about the program and accessing data online or through your Insurance Broker’s Facility. The Insurance Carriers and Exchanges are in total disarray and ill-prepared to provide this information on a timely basis Nevertheless, there is no harm as the program does not take effect until 2014 for those Employers who wish to elect to do so.
DO NOT ENTER INTO ONE OF THESE EXCHANGES OR RENEW YOUR PRESENT PROGRAM IN 2014 UNLESS YOU HAVE HAD MORE THAN ADEQUATE ADVICE FROM PROFESSIONALS WHO KNOW…TRULY KNOW… THE REGULATORY REQUIREMENT THAT COULD CAUSE YOU HARM IF NOT FULLY UNDERSTOOD.
Bone Robertson & McBride Inc. is here to help you. If you have an issue or would like to have a friendly call with us at no charge then please call or email us.
Don Bone, President