Health Care Coverage for Law Firms?
The health care reform will impact businesses in different ways depending on the size of the company. In the future, smaller companies may be eligible to purchase health care coverage under new benefit exchange plans, which will help to reduce the costs associated with purchasing health coverage. This will encourage smaller companies, such as smaller law firms, to continue to provide coverage. Moreover, it will also provide a greater variety of coverage options rather than restricting companies to choosing coverage from a single carrier. Smaller companies may also be rewarded for providing health insurance and may be offered tax credits to help them afford to purchase coverage. There will also be restrictions on the types of plans employers can offer. For example, in the future carriers will no longer be able to refuse coverage based on pre-existing conditions, they will not be allowed to set annual or lifetime dollar limits on plans and it is envisaged that premium costs will also be lowered. For employees whose companies do not offer insurance, costs to purchase coverage through individual or private markets, will also be reduced. In some cases, premium costs will be based on the consumer’s income using a sliding scale.
As a result of these changes, many businesses may be considering providing health care coverage for the first time and may need to consider how they will administrate their new benefits. HR companies are choosing to use a variety of applications and software to administrate these tasks. Integrated software solutions, can integrate benefits administration with other HR tasks, such as payroll, tax, and time and attendance, in addition to providing dashboard and human capital analytics. Benefit modules such as ICON, are not only cost effective, but also allow more freedom to employees, such as through self-service options, allowing employees to manage their own benefits. These solutions also administrate COBRA, or FSA, and allow data to be shared in real time across several departments. Some companies may also choose to run applications over cloud computing, either utilizing their current software or choosing those offered by service providers.
For larger companies who currently offer benefits, the health care reform may also lead to changes to the types of benefits they currently offer. Some larger companies are also choosing to use this time to update how they currently administrate their benefits, and new software solutions and integrated packages are also particularly useful. Moreover, companies may need to engage in analytic and decision making. Applications which allow for analytic tools to be applied to company data, can greatly help companies to decide which health care coverage is more cost effective to them whilst also meeting the specific needs of their employees. As the health care industry may undergo more changes in the future, these software solutions, which can be easily updated, may be particularly beneficial helping companies to remain compliant with new regulations.