Healthcare Reform: What It Means for Employers
Mondaq Business Briefing › United States Law Articles in English (2010)
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Healthcare Reform: What It Means for Employers
Kenneth Jenero is a partner in our Chicago office. James W. Michalski is a partner in our Los Angeles office.
On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act (the "Act"). Along with revisions contained in the Health Care and Education Reconciliation Act, which the President signed into law on March 30, 2010, the Act establishes a comprehensive system of healthcare reforms with significant implications for individuals, employers, healthcare providers and health plans. Among other things, principally, the Act (1) requires most Americans to purchase health insurance, (2) establishes state-run insurance exchanges through which low-income individuals and qualifying businesses can purchase health insurance that meets minimum federal standards, (3) creates premium tax credits and cost-sharing reductions to subsidize the purchase of certain health insurance through an exchange, (4) imposes several new requirements for and potential penalties on employers and employer-sponsored insurance plans, and (5) creates a variety of new or increased taxes to fund the healthcare system as reformed. This alert outlines the key provisions of the Act that will impact employers. Health Insurance Coverage for Employees Penalties for Not Providing Health Coverage The Act does not require employers to offer health insurance coverage to their employees. However, effective January 1, 2014, the Act...See the full content of this document
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