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SMALL BUSINESS NEWS

16 September 2011

 

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The Deadline is Approaching for Health Care Waivers

Have you requested a waiver to the Affordable Care Act?  Do you know whether or not you should?

 

If you are a small business that provides health insurance to your employees you may want to take advantage of the opportunity to apply for a waiver and incur some savings.  September 22, 2011 is the deadline to apply for a waiver to the requirements of the Affordable Care Act. 
Currently small business can provide health care to their employees through what is known as a “mini meds”.  These are health care plans that have restricted annual limits on the dollar value of essential health benefits.   The total value of such benefits is usually below $750,000.  These plans have very limited benefits for very low monthly premiums. 

After 1 January 2014 employers will no longer be able to achieve savings by providing their employees with “mini med” plans.  After 1 January 2014 it will be illegal to impose such limits.  Between September 23, 2010 and 1 January 2014 the limits will be gradually increased as follows.

As set forth in the IFR, the restricted annual limits on the dollar value of essential health benefits cannot be lower than:

  • $750,000, for a plan or policy year beginning on or after September 23, 2010 but before September 23, 2011;

  • $1.25 million, for a plan or policy year beginning on or after September 23, 2011 but before September 23, 2012; and

  • $2 million, for a plan or policy year beginning on or after September 23, 2012 but before January 1, 2014.

Between now and 1 January 2014 businesses can apply for a waiver and request annual extensions.  The waiver process, which began on 23 September 2010, will end 22 September 2011.  So, if you haven’t done so already, apply for this waiver now.

You can find the application for the waiver and extensions here.

Source: 
The Center for Consumer Information and Insurance Oversight2 (CCIIO)
 

By Jack River

 

 

 
 

 

  
 

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