Understanding the Financial Impact on Your Business
The 2010 Health Care Reform Act has several provisions that may affect you as an employer. While some of the law’s provisions have already taken effect, many of the more punitive provisions will begin taking effect in 2014. If you have 50 or more employees, you may face penalties whether you offer health insurance to your employees or not.
There are several options to consider – discontinuing coverage, changing premium contribution levels or modifying alternate health benefits, such as a Health Reimbursement Account (HRA). You must also estimate the cost of doing nothing – which, in many cases, could mean a significant increase in your benefit costs. Providing insurance benefits for employees can make your business an attractive workplace and a competitive employer. Fully understanding the potential penalties, as well as the opportunities, allows you to develop a strategic approach to your benefits.
Warren Averett provides a service to help you determine the potential costs and develop a strategy to mitigate the potential penalties. Our Health Care Reform professionals can provide you with the following:
- An analysis of the net effect of potential penalties on your business.
- A report estimating the financial impact on your business (see sample).
- A report offering proactive advice on how to deal with Health Care Reform issues.
If you would like more information on how Warren Averett can help you estimate penalty costs or if you need further information on how these provisions could impact your business, please contact your Warren Averett advisor or visit our Health Care Reform web page.