By Jean Roque, President, Trupp HR.
On June 28, 2012, the U.S. Supreme Court upheld the majority of the provisions in the Patient Protection and Affordable Care Act (PPACA). Ongoing resistance and delays to PPACA have caused many to become complacent about dedicating time and energy toward understanding the impact to our business. Depending on the size of a company, some aspects of the law may apply differently. For those employers with less than 50 employees, here are six steps for successfully navigating the changing landscape of health care coverage under PPACA.
1. Be prepared to distribute Summary of Benefits and Coverage (SBC)
2. Understand the impact of the “Pay or Play” Penalty to your business
3. Leverage Small Employer Tax Credits
4. Establish a plan for handling Medical Loss Ratio (MLR) rebates
5. Track your State’s progress on its Affordable Insurance Exchange and implementation of the Small Business Health Options Program (SHOP)
6. Take necessary steps to comply and leverage PPACA
(Technically, this makes the list longer than six, but we didn’t want to overwhelm you.)