“A great number of people in the United States have grown accustomed to having their employer pay for, or at least subsidize their healthcare costs. That usually takes the form of employer-provided health insurance plans, which have become a staple of most compensation packages for full-time employees that are working in positions that require even menial amounts of skill — and shutting out, for the most part, unskilled or low-wage workers. On the surface, it is a bit odd that we rely on our employers to pay for our health insurance. Yet, it’s become the norm, and one of the many reasons the U.S. healthcare system, as a whole, is so complicated and for lack of a better term, screwed up.
Posts Tagged ‘Affordable Care Act’
“The side effects of the Affordable Care Act continue to surface in the labor market. In order to help manage rising health care costs and comply with new regulations, large employers across the nation are making adjustments to their benefit plans. The changes will undoubtedly place more responsibility on employees and make health savings accounts more attractive.
Yahoo Sports reports:
“The Chicago Cubs denied an assertion by the Chicago Sun-Times on Friday that the tarp debacle earlier in the week against the San Francisco Giants happened because the club short-staffs the grounds crew at Wrigley Field in order to avoid paying health insurance.
A surprising storm at Wrigley on Tuesday night caused a long delay because chief Roger Baird’s working crew couldn’t get the tarp — which had become saturated with water as it was unfurled — to cover the infield quickly enough. With field conditions unplayable even 4 1/2 hours after the rain stopped, umpires called the game in favor of the Cubs, who were leading in the bottom of the fifth inning. In a surprising but just turn of events, Major League Baseball upheld a protest by the Giants, and the teams resumed the suspended game Thursday. The Cubs won 2-1, but not before being thoroughly embarrassed.
“Under the provisions of the Affordable Care Act, those employers that are subject to the Employer Shared Responsibility provisions must report certain information regarding the health coverage they offer their full-time employees (known as Section 6056 reporting). The law also requires information reporting by insurers, self-insuring employers, and other parties like governmental entities that provide health coverage to individuals (Section 6055 reporting). These reporting provisions take effect on January 1, 2015, and the first reports are due to the Internal Revenue Service in early 2016.
“The Affordable Care Act locks in the status quo, but new technology is making health care cheaper and more individualized.
Health care costs in the U.S. have been rising so steadily for so long that containment barely seems possible. Even optimists don’t dream of cutting the price tag. As its official name-the Patient Protection and Affordable Care Act-suggests, Obamacare aims for affordability, not radical reduction.
“It’s official: if you make a quarter of a million bucks a year and decide not to pay for health insurance, you’re going to have to fork over $2,448 to the feds.
The Internal Revenue Service finally released its maximum fines for those who choose to go without health insurance. Under terms of the Patient Protection and Affordable Care Act, fines were included for those who decided not to have coverage as an incentive to get more folks to purchase coverage.
The maximum family penalty issued by the IRS was $12,240 for a five-member family. That’s five times $2,448, in case you wondered.
“The main trust fund behind Medicare, the $583 billion U.S. health program for the elderly and disabled, will be exhausted in 2030, four years later than projected last year, the government reported.
An improving economy and the health-care overhaul — the Patient Protection and Affordable Care Act — may stave off depletion of the fund as it took in more money and spent less than expected last year. The trust fund pays for hospital visits, nursing care and related services for Medicare’s 52 million beneficiaries. Its assets fell $7.1 billion in 2013 to $281 billion, less than one-third the reduction of a year earlier, according to a report released today by the program’s trustees.
“The Internal Revenue Service on Thursday released drafts of the forms employers will use to report on health coverage they offer to their employees, unveiling a glimpse of the administrative onus in store for benefit advisers and their employer clients working to comply with the Affordable Care Act.
Despite continuing calls to further delay the mandate and confusion about employer shared responsibility requirements following conflicting court rulings just this week on ACA subsidies offered on the federal exchange, the IRS posted to its website draft forms for employers and individuals to use when reporting their health coverage starting in 2015.
“Conflicting federal court rulings Tuesday pose no immediate financial threat for the 168,000 Illinoisans receiving reduced-price health insurance through the federal Affordable Care Act, an aide to Gov. Pat Quinn says.
The legality of the subsidies in states such as Illinois, which doesn’t operate its own health insurance “exchange,” was called into question by one of the rulings.
“The Obama administration and state insurance regulators are developing stricter standards to address the concerns of consumers who say that many health plans under the Affordable Care Act have unduly limited their choices of doctors and hospitals, leaving them with unexpected medical bills.
Federal officials said the new standards would be similar to those used by the government to determine whether Medicare Advantage plans had enough doctors and hospitals in their networks. These private plans, sold by companies like UnitedHealth and Humana, provide comprehensive care to 16 million of the 54 million Medicare beneficiaries.