Local businesses advised on enrolling in the exchange for 2014
On September 24, the Meadowlands Regional Chamber’s Healthcare Symposium, presented by Archer & Greiner and RotenbergMeril, featured experts on healthcare reform who advised businesses on how to prepare for the exchange, which went into effect on October 1.
The event covered a wide range of topics including the impact the affordable care act has on a business in terms of legal compliance, accounting principles and human resources.
The exchange offers qualified individuals and employers the opportunity to directly compare options on the basis of price, benefits, quality and other factors, according to Dominique Mathura of the U.S. Department of Health & Human Services, the federal agency that is administering the exchange.
Mathura warned businesses and individuals against fraud when enrolling in the exchange, advising that all consumers check carefully for official seals, logos and certifications. She also asserted that navigators and certified application counselors should not ask you for money to enroll in a health plan in the marketplace—consumers should be suspicious of anyone who charges them a fee in connection with enrollment.
Patti Goldfarb, principal of Employee Benefits Advisors Group and chair of Healthcare Committee, advised that by now all employers should know the direction they want to move in when it comes to healthcare plans in 2013 under the Affordable Care Act. She explained that there are certain circumstances when an employer should consider working with a professional to determine options while remaining compliant:
- Employers who own more than one company;
- Employers with “grandfathered” plans;
- Employers with high numbers of variable hour employees;
- Employers who offer more than one plan based on eligibility and employment status;
- employers who offer retiree benefits because they will no longer be able to take a deduction for the retiree drug subsidy.
Barry Bertiger of RotenbergMeril discussed a tax credit that is available to small business employers who meet the following requirements:
- Have fewer than 25 full-time equivalency employees;
- Pay 50 percent or more of the premiums for employee health insurance coverage under a qualifying plan;
- Pay annual average wages of less than $50,000 per year.
With the opening of the exchange on October 1, healthcare reform is upon us and if you have any questions, please feel free to contact the Meadowlands Regional Chamber and we will connect you with someone from our Healthcare Committee who can assist you.
About the Meadowlands Regional Chamber’s Healthcare Committee
Small businesses throughout the United States struggle to provide health insurance and employee benefit programs for their employees. The Healthcare Committee strives to educate members about ways to reduce the cost of benefits while remaining profitable and in compliance with legislative reform. If you have any questions, please contact the chair Patti Goldfarb of Employee Benefits Advisors Group at (201) 255-6239 or email@example.com.