With all the disagreement, it may seem like health reform legislation will never pass. But make no mistake, changes are coming. Here’s how to prepare.
It’s vital to stay on top of exactly what’s in the reform legislation and how it’s likely to affect your company.
This is no easy task — considering chunks of the legislation that’s on the table now are likely to undergo major changes moving forward.
Here are three questions about reform legislation you should be asking right now, courtesy of the folks over at Independent Benefit Services:
1. Should we still offer health insurance?
Right now, reform legislation would force employers to offer insurance — or pay a penalty fee for each worker who isn’t offered coverage.
However, additional factors and trade-offs can complicate a company’s decision about whether or not to offer coverage.
Example: The current version of the reform bill would allow firms to aggressively tie in employees’ premium costs to their participation in company wellness programs, which could greatly offset costs.
2. How will it affect recruitment/retention?
It’s extremely likely that the final reform package will let employees take their insurance from job to job as they advance their careers.
If your company’s healthcare package has been a major factor in attracting/retaining top talent, reform legislation may force you to overhaul current recruitment/retention strategies.
3. What are the tax implications?
Reform legislation is likely to include an array of tax provisions, and it may even overturn current IRS regs about FSA, HRA and HAS reimbursement.
If you’re considering a new health plan, it’s imperative to stay up to speed on the progress of reform bills and prepare for new tax consequences before implementing your new plan.
To view the entire whitepaper by Independent Benefit Services, click.
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