Affordable Care Act – Bottomline Impact
No doubt you’ve been hearing a lot about healthcare reform, especially with the recent opening of the online insurance exchanges and the ongoing government shutdown. But what’s the bottomline impact of the law? Do you really understand how the Affordable Care Act (ACA) will affect you and your business?
From left, panelists Millie Herrera, Sue Romanos, Rachel Sapoznik and Louis Balbirer with moderator Jorge J. Rivero.
Industry experts joined forces this week to present a healthcare reform panel discussion to answer some of the questions business owners have about the law. More than 100 guests attended the Affordable Care Act – Bottomline Impact seminar at Jungle Island on October 8th.
Former U.S. Department of Labor District Director Jorge J. Rivero moderated the discussion, which featured the following panelists:
- Louis Balbirer, CPA, Director of Tax Services, Kaufman Rossin
- Millie Herrera, Former Southeast Regional Representative, U.S. Department of Labor
- Sue Romanos, CPC, CTS, CSP, President and CEO, CAREERXCHANGE
- Rachel Sapoznik, President and CEO, Sapoznik Insurance
A few key takeaways:
- The individual mandate, which requires all individuals to have health insurance coverage, goes into effect Jan. 1, 2014
- Large employers (50 or more full-time equivalent employees) must either offer minimal essential coverage to full-time employees or pay a penalty, effective Jan. 1, 2015
- An employee is considered full-time under ACA if he or she averages at least 30 hours of service per week (or 130 hours of service per month).
- Lower income individuals who do not have access to affordable employer-sponsored health insurance may be eligible for federal premium tax credits and subsidies
- All employers are required to provide written notices to employees about the exchanges
We’ll be sharing more information about the Affordable Care Act in the coming weeks and months as the rollout of the law continues. Stay tuned for more, including videos from the panel discussion.