Planning for Health Care Reform – How and Why
The government's recent health care reform laws may be controversial, but they're still expected to go into effect in 2014. Certain aspects of them are already in place, but the ones that really affect businesses will come about that year, and planning for health care reform is something that any business of any size needs to do. Planning for health care reform is simply a necessary evil that you're going to have to do at some point, and the sooner you do the better. There are plenty of issues to consider and plenty of reasons to do so, so be sure that you understand why planning for health care reform is so important and just how to go about doing it effectively in order to stay compliant.
Planning for health care reform makes sense on a lot of different levels. Here are some of the main reasons you'll need to do so.
- Avoiding the simple steps involved with planning for health care reform now could lead to major hassles when it goes into effect. It's true that you've got some time, but waiting till the last minute to start planning for health care reform could hurt productivity during that time and actually lead to more problems than you realize.
- You're already staying compliant with numerous laws and regulations, and planning for health care reform will keep you compliant with the new ones. When you consider that you may face fines and other penalties if you don't comply, the importance of planning for health care reform becomes obvious.
- Planning for health care reform right now could actually save you money in the long run. There are plenty of options out there, including tax credits of up to thirty five percent for some businesses, and figuring out exactly what your options are early will help you avoid making a rush decision that could be more expensive.
Different businesses of different sizes will be affected by health care reform in different ways. You'll need to start planning for health care reform by figuring out if you're affected, how, and what to do about it.
- Companies with over fifty employees will be required to provide insurance to those workers or else pay an annual fee to the government.
- Very small companies with fewer than ten employees will likely qualify for various tax credits that will increase as years go by.
- Other companies may qualify to buy insurance from SHOP pools that will save them money.
There are many, many different facets of planning for health care reform. When you consider that smaller businesses often pay eighteen percent more in insurance costs than larger ones, planning for health care reform now before it arrives is more important than you might think.