17 Dec Congress Keeps Adding Healthcare Regulations, So Read Up!
Congress keeps adding healthcare regulations. Are you on top of recent developments?
There are new fees being added on to the health care reforms, and it could cost your company a lot of money.
Congress recently buried yet another fee in their latest health care reform regulations – a whopping $63 per person. This is a lofty fee that could cost large employers a huge chunk of income, with potentially catastrophic repercussions for people caught unprepared.
The fee is there to help offset the hit that insurance companies are going to take when they are required to insure people with pre-existing conditions that haven’t had insurance in the past. In 2014, this added fee means an extra $25 billion in revenue for insurance companies.
What does this mean for you? On the plus side:
• It will eventually lower premiums for everyone.
• The fee will be reduced every year until 2017, when it should be completely gone.
• This is potentially going to be pushed off onto employees so big employers don’t take the hit, which can add up to millions for large employers.
• Congress can change its mind – meaning this fee could increase or be around much longer than they currently anticipate.
What does this mean for you?
Congress is proving that the reforms are still a work in progress, despite only a few weeks left until the law comes into effect. Keeping up to date is crucial for you and your company.
If you’re worried about future changes and more buried legislation, feel free to contact one of our insurance specialists here at the Barrow Group. We would be glad to help you sort through what all the new reforms mean for you and your company