| Feb 22 2015 |
Affordable Care ActBy: Rob Lynn With the re-election of President Obama one might think the implementation of the Affordable Care Act (ACA) will follow his regulatory vision of the law. However, the federal regulators responsible for implementing the ACA have indicated that deadlines set will be difficult to meet because the ACA was passed in two parts. One part was the Senate version of this legislation, which at the time was not intended as the final product. The other part of the ACA was a House reconciliation bill which addressed the tax and budget related issues in the ACA. In typical Washington fashion, the two-part process resulted in a poorly drafted law. So members of congress will need to pass a technical correction in order to address the more glaring problems; with the Senate controlled by the Democrats and the House controlled by the Republicans, neither side is willing to consider a “technical corrections” bill to fix the problems created by the ACA. Dysfunction with our national leaders.....not a big surprise. However the changes that impacted the Public Health Services Act (PHSA) and Employee Retirement Income Security Act (ERISA) along with agency changes in Health and Human Services & Department of Labor have taken effect.
Some Key Healthcare Compliance items that have changed for 2012 & 2013 are:
1. Medical Loss Ratio Rebates for Employer sponsored group health plans. (2012)
2. Summary of Benefits and Coverage (2012)
3. W-2 Reporting for “aggregate cost” of health coverage (2012)
4. FSA Limit reduced to $2,500 (2013)
5. FICA Tax Increase for wages above $200,000
If you are interested in the specific changes and/or want to learn more about how Total Team Solutions can improve your HR compliance, payroll service, employee benefits please contact Rob Lynn at 203-459-1777 ext.11
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