The Affordable Care Act

Finally, the rates and plan designs for the health insurance plans to be offered on the New York State Health Benefit Exchange has been released. Policies vary based on guidelines set forth by the Federal government under the Affordable Care Act. This comprises of two exchanges; one for the Individual (non-business) and the other for Small Businesses with 2-50 employees.
        
                             Click Here To Download New Rates (PDF)

We are still awaiting guidance from New York State concerning different rules and regulations. A comprehensive set off rules is scheduled for October of this year. On July 2, 2013, the Obama Administration announced on the Treasury Department’s website that it would delay the employer mandate for one year, until 2015. In the statement, the Administration said that they were delaying implementation in order to meet two goals: 

“First, it will allow us to consider ways to simplify the new reporting requirements consistent with the law. Second, it will provide time to adapt health coverage and reporting systems while employers are moving toward making health coverage affordable and accessible for their employees."

Note, the employee mandate, which is a penalty for large employers (50+ on the payroll) has been pushed off till 2015. On July 2nd 2013 the Obama administration announced 

However, the penalty for the employees still remains. Those employees will have to obtain coverage or be penalized. At Mainline Insurance we will be well prepared to help. Many of these employees will receive an Advance Premium Tax Credit to help them afford their coverage. If any of you would like to have some discussion on this matter please feel free to call or email.

The education and certification process for us to provide guidance is to start shortly. It appears it is taking the State some time to get the curriculum together. I anticipate the pace to pick up now since October is right around the corner.

We will be keeping all of you well informed periodically.

Regards,
Vincent Reda
Mainline Insurance

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