Can America Understand the Obamacare Delays?

CAN AMERICA UNDERSTAND THE OBAMACARE VYes we can! DELAYS? On July 2, 2013, the U.S. Treasury announced that employers will not be mandated to provide health insurance to their employees until 2015. WHAT DOES THAT MEAN? You didn't understand Obamacare before and you definitely don't understand it now. You're not alone: EXPECTED BENEFITS OF THE ACA 2013 Kaiser Health Tracking Poll: Expands coverage to more than 30 million Americans 7% of Americans think the ACA was overturned by the Supreme Court Lowers health care costs Ensures free preventive care 12% think it was repealed by Congress Strengthens Medicare 23% just don't know about it Lifts annual limits on health care Protects against health care fraud Only Improves women's health services 59% are actually aware that the ACA is taking effect People with preexisting conditions cannot be denied health insurance BREAKING DOWN THE DELAY 2 sections of the ACA delayed until 2015: 4980H The Employer Mandate/ Play or Pay 6055/6056 Information Reporting Insurers, self-insuring employers, health coverage providers, and large employers are required to: Companies with more than 50 full-time employees need to offer affordable health coverage or pay a penalty I. report their health care plan to the IRS 2. give a written statement to covered individuals about what they are providing WHY THE HOLDUP? THE PENALTY BOX It's all a matter of time. The government needs time to simplify the new reporting requirements Pay $2,000 x number of full-time employees per year No insurance offered: Employers need time to identify full-time employees and update their health insurance coverage Offer unaffordable insurance': Pay $3,000 x number of full-time employees that receive tax credit from the exchange per year STILL TAKING EFFECT ON JAN. 1ST, 2014 People will be able to buy individual health insurance policies *Unaffordable insurance is 9.5% greater than a through the exchanges worker's household income Health insurance coverage must take effect within 90 days of a new employee satisfying the plan's eligibility requirements Full-time employee: 30 hours or more People with pre-existing conditions can't be denied health insurance 25 full-time employees + 50 half-time employees= 50 full-time The annual out-of-pocket maximum cannot exceed $6,350 for individual and $12,700 for family coverage No dollar limits on the benefits your insurer provides annually 03.23.2010: Obama signs ACA into law 07.02.13: Delays announced 2010 2011 2012 2013 2014 2015 10.1.13: ACA enrollment begins 01.1.15: Reporting requirements & Employer Mandate enforced 01.1.14: ACA is required to be fully implemented by law WEIGHING THE PROS & CONS OF THE DELAY WHO PROS CONS Employers are less likely to reduce full-time hours for 2014 Without an information report it will be difficult to prove eligibility for exchange subsidies Individual Clarification of how to report information Businesses Grants sufficient time to update NO CONS health care coverage Gives companies time to look at their different options Time to simplify reporting $10 billion loss in revenue Government requirements Can't verify employers are providing affordable coverage Sources Presented by http://www.treasury.gov/tigta/auditreports/2012reports/201243064fr.html http://kf.org/health-reform/poll-finding/kaiser-health-tracking-poll-april-2013 http://www.shrm.org/hrdisciplines/benefits/Articles/Pages/Employer-Mandate-Proposed-Rule.aspx http://cbo.gov/sites/default/files/cbofiles/attachments/44190_EffectsAffordableCareActHealthinsuranceCoverage_2.pdf O Insurance Quotes.com KOWSOURCING