Over 30 new regulations affecting employers will take affect over the next 8 years, some immediately.
Eligible Small Business – those with no more than 25 full time employees with average annual wages of $50,000 will be eligible for a premium tax credit of 50% for up to two years
Within Six Months
Small businesses that employee less than 50 full time employees are eligible for a tax credit equial to 35% of their health insurance premiums. Asll grou health plans must covery preexisting conditions for children 19 or younger.
Jan 1, 2011
All employers must include on w-2′s the cost of health benefits. Over the counter drugs will no longer be reimbursable under health savings accounts, unless prescribed by a doctor. Employers with less than 100 employees may be able to adopt “simple cafeteria plans” although those have not been defined as yet.
Jan1, 2012
All group and individual plans must provide a summary of benefits that will require substantially more information than current plan descriptions or face a $1000 per employee fine. All plans must submit to the federal government annual reports that show whether the plans meet federal criteria on improving health outcomes, preventing hospital readmissions, Most importantly existing health insurance plans must offer preventative care without a co-pay.
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