Getting Ready for Health Care Reform

Originally published April 2, 2010

After more than a year of contentious debate, President Obama signed into law the "Patient Protection and Affordable Care Act" last week and the "Health Care and Education Reconciliation Act of 2010" this week. New obligations, specifically those imposed on employers and individuals, have the potential to dramatically alter the way businesses address the health care needs of their employees. Though most provisions are scheduled to become effective on or after January 1, 2014, certain changes will go into effect this year and may require more timely action.

New Obligations for Businesses

Through the imposition of penalty fees against employers that do not offer coverage or make minimum premium contributions, Congress intends to reinforce the importance and economic desirability of employment-based coverage. Even those employers that already provide coverage and that make minimum premium contributions will be subject to new costs