Affordable Care Act Update

UPDATE: On March 24th, the American Health Care Act was pulled by Republicans. House Committee Chairman Rodney Frelinghuysen announced that the health care bill is unacceptable and that some changes “raised serious coverage and cost issues.” Many Republicans were on the fence about the legislation of AHCA since they like policies in the ACA better. This means that the Affordable Care Act is here to stay for now unless a stronger and better legislation comes along in the future. With the same policies and rules, compliance with the ACA should be met by employers and employees.

The Affordable Care Act, also known as Obamacare provides millions of people with health coverage and it holds insurance companies accountable. However, the ACA has been on the rocks since the change of administration, with plans to replace the ACA.

In regards to the recent proposals to appeal the ACA, many Americans are concerned with the future of their healthcare coverage. Obamacare has provided options for low-income families and employees, that would typically not be able to access healthcare coverage. Although ACA can be beneficial, it is also a disadvantage for people who are required to pay for it but do not utilize it. Obamacare penalizes people who do not pay for insurance which means they are required to have health insurance, but if this legislation is repealed then individuals can choose to acquire a health plan or not.

Employers will appreciate some aspects of the new legislation, American Health Care Act (AHCA), such as the elimination of penalties for employers not offering insurance to full-time employees. The AHCA maintains certain ACA coverage, but with varying criteria needed to be met. Some of these include eliminating exclusions for pre-existing conditions, covering adult dependent children 26 and under, limiting out-of-pocket expenses, and more.

As of right now, the new administration and Republicans in the House and Senate are cooperating to modify or repeal the ACA, but everything is still up in the air. In the meantime, the Affordable Care Act still applies to everyone. At AMGtime, we know how important it is to track and be complying of the ACA, therefore we have created the ACA Compliance module that calculates hours needed to meet the requirements for compliant health insurance. This module keeps companies on track so they will not be charged for not offering health coverage or not meeting the minimum value.

Learn more about our ACA Compliance module: https://amgtime.com/aca-compliance

 

Source: http://www.lexology.com/library/detail.aspx?g=76d89dd2-4f37-4c1d-8e87-9d22ba5f1cce



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