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Health Care Reform - 2010 and beyond

The health care reform bill and reconciliation act passed in 2010 will have many affects on individuals and businesses in the coming years.  The bills contain good changes, bad changes and yet to be determined changes.

As your advisors, we want you to know how the new law may impact you and your business.  Additions and changes will be made to the legislation as it is implemented over time, and we will keep you apprised of how they may impact you.  In the meantime, it is important to understand the components of health reform that have now become law.

• Immediate changes and those to implemented in 2010 and 2011

 Some elements of the legislation will be implemented over the next year while other major features won’t come into play until 2014.  Here is a comprehensive timeline from the National Association of Health Underwriters that can help you understand the changes that will be coming over the next several years.

• NAHU comprehensive timeline

Employers will have to start reporting the "value" of health benefits provided on employees Form-W2.  This requirements begins in 2011 and in most cases won't have to reported until 2012.  There are many misconceptions on this part of the legislation.

• W-2 employer issue brief - July 2010

Horizon Blue Cross Blue Shield of NJ has published an excellent guide to Health Care Reform.  The guide addresses how the law may affect groups of all sizes and types.

• Horizon - Health Care Reform: A Guide for Group Administrators

 

For even more information, visit www.healtcare.gov.  The site contains consumer focused information.  The website itself is a product of reform legislation.