News this week that UPS, one of the nation’s biggest employers, is changing its employees’ health benefit plans in anticipation of the Affordable Care Act (also known as ACA, and Obamacare), shows some of the volatility surrounding this monumental program.
UPS’s story also highlight the fact that while most of the nation’s focus has been on the act’s impact on individuals and small businesses, larger employers are affected, too, in many ways.
For example, the Obama administration continues to change major aspects of the healthcare rollout. Recently, it issued a one-year delay—until Jan. 1, 2015—for the mandate that employers of 50 or more employees must provide health insurance to their full-time workers or pay a $2,000 per-worker fine.
So, does that postponement mean that larger businesses can or should breathe a sigh of relief about their ACA obligations?
Not at all--many parts of this complex law that affect businesses remain on schedule and are slated to take effect over the next few months. Here’s one coming up soon.
The fact is, larger employers need to be fully aware of:
- The status of the law as it currently stands
- What requires their attention now, soon and later
- How to best use their time between “now” and “later”
- What options the mandate delay opens up for compliance, finance and benefit plan administration strategies
That’s why CBIA is hosting a special program for businesses with 50 or more employees, “What the Affordable Care Act Means for Employers,” on Wednesday, Sept. 25 in Cromwell.
Presenters will include healthcare and insurance experts who will provide specific information to take away any uncertainty over what larger employers should be doing to prepare for Obamacare.
Go here for details and to register.
All businesses should prepare themselves as much as possible for the ACA in order to be in compliance and to make sure their employees understand it, too. This program will be a good way to take care of both needs.