As many of you know, the government has passed the National Healthcare Reform which becomes effective September 23, 2010. It is a very complicated law that you, as a business owner or employer in charge of coordinating benefits, should become familiar with since some of its keynote features could really impact your business.
While business owners are not required to provide benefits to employees as of now, they should consider doing so to remain competitive in the market and to be able to attract quality employees. Significant changes in the new law include: (1) lifetime limits will be removed on “essential benefits”; (2) must cover dependents up to age 26 (as opposed to 25) even if the child is married under certain circumstances; (3) pre-existing limitations for children will be removed; and (4) enrollees may designate any in-network doctor as their primary care physician even if that doctor is a “specialist” so to speak. Many of the features are expected to result in higher premiums for employers; however, there is a tax credit available to certain employers and you may be eligible for that. We would strongly encourage you to speak to your financial professionals about the new law and to do whatever research you can on the issue to ensure you are in compliance with it.