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Questions and answers for firms facing (a delayed) Obamacare (Market Watch)
First, a study from company consultant Mercer shows that despite delays in implementing employer mandates as part of President Obama’s health-care overhaul, many employers still plan to add workers on to the rolls of the insured in 2014. And even if many decided to delay that action by a year, costs will still rise per company by roughly 2% to 3%.
Finally, the survey also said that the effort to eliminate so-called “Cadillac” coverage — high-cost, benefit-rich plans usually reserved for top company officials — is proving to be a daunting challenge for some companies. They face a 40% excise tax on the plans if kept.
Now for at least a few answers: For those who work on their own and are still in the dark about what Obamacare means to them, the National Association for the Self-Employed offers a two-page tip sheet on what to expect from the law and what they’re required to do.
The group estimates there are 22 million self-employed people nationwide, 28% of which are uninsured. The good news for the self-employed: they can’t be denied coverage regardless of medical condition. The bad news: it’ll cost them, the group says.
For the self-employed who don’t have insurance, they could pay up to $6,350 per individual and $12,700 per family for coverage. The penalty for the first year is $95 but that is expected to increase within two years to $695 or 2.5% of income, whichever is greater.http://blogs.marketwatch.com/health-exchange/2013/07/08/questions-and-answers-for-firms-facing-a-delayed-obamacare/