When exactly are Obamacare laws changing, and how will they affect your nonprofit organization? This is a question that is somewhat hard to answer due to the complex nature of Obamacare laws. However, starting on Oct. 1, all businesses will have another year to comply with these laws. With this extra time, you will have until 2015 to learn more information on the Affordable Care Act, which will affect your employees’ healthcare. You will also have more time to educate your employees and prepare for changes in healthcare costs.
How will this extension affect your nonprofit organization? In 2015, the Affordable Care Act will be placed in affect for companies with 50 or more employees. This mandate has many provisions, which are complex and can be confusing. Most business owners are relieved to receive the additional time to understand what changes need to be made, how these changes affect their employees, and what additional costs to expect. Each employee, whether new or current, will need to be informed on all changes to employee benefits as a result of the Act. Below are examples of items that will need to be discussed with employees:
– Preventative care coverage
– Pre-existing conditions exclusion
– Medical loss ratio
– Tax fees and how they are applied
– Rating methodology
– Deductibles and out-of-pocket cap limits
One item of major concern listed above are the deductibles and out of pocket cap limits. It is not clear how these limits will alter insurance premiums for the consumer in 2015. With the delay in Obamacare compliance, your employees have more time to understand how their premiums will be affected.
Lamb Financial Group is an insurance provider for nonprofit organizations and is a helpful resource for preparing your business for the effects of the Affordable Care Act. An insurance professional from Lamb Financial Group can give you insight into how this Act will change your nonprofit organization’s insurance plan, costs, and how it will affect your employees. Our group can also help you find the right health plans to offer your employees. Contact us at 1-866-481-5262 for more information.