Time is shrinking for employers to analyze their health plan offerings, or lack thereof, before the health law's coverage mandates go into effect Jan. 1, 2014, and the likely outcomes look different for various-sized companies, according to a report by the Wall Street Journal.
The Patient Protection and Affordable Care Act requires employers with at least 50 workers to provide health benefits to employees working 30 hours or more per week, or suffer penalties upward of $2,000 per uncovered eligible worker. The first 30 employees are exempted from the count.
Big companies and those who already offer comprehensive plans likely won't make drastic changes in the coming year, but they may consider trimming health benefits for retired employees due to more options available through online health insurance exchanges that will offer a variety of plans and include some federal subsidies for individuals in 2014.
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The Patient Protection and Affordable Care Act requires employers with at least 50 workers to provide health benefits to employees working 30 hours or more per week, or suffer penalties upward of $2,000 per uncovered eligible worker. The first 30 employees are exempted from the count.
Big companies and those who already offer comprehensive plans likely won't make drastic changes in the coming year, but they may consider trimming health benefits for retired employees due to more options available through online health insurance exchanges that will offer a variety of plans and include some federal subsidies for individuals in 2014.
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Study: Health Insurance Deductibles More Than Doubled, Premiums Up 62% Since 2003Study: Patients in Consumer-Directed Health Plans are Unaware of Free, Low-Cost Benefits
6 Hurdles to Bundled Pricing