The New Healthcare Reform Law: What It Means For Your Business

The New Healthcare Reform Law: What It Means For Your Business

By Mark Capuano

By now, most of us have heard enough sound bites to know that the new healthcare reform law, officially known as the Patient Protection and Affordability Care Act(PPACA) and enacted on March 23, 2010, is expected to cost upwards of a trillion or more dollars over the next ten years, according to the financial projections of the Congressional Budget Office (CBO). But, behind the CBO numbers, and how this may impact you and your leasing business, is the bigger question.

The overall impact to your business and specifically, your employee benefits program depends on a number of current factors, including what you are currently providing your employees in the way of health care coverage.

Smaller equipment finance employers (50 or fewer employees) that provide group health care coverage, are most likely offering a fully insured health plan from a well known insurer such as United Health Care, Aetna or a Blue Cross and Blue Shield. If so, the compliance for most all of the benefit design changes, known as “mandatory market reforms,” will be imposed on insurance carriers. In other words, the insurance carrier, not the employer, must amend the policy and Certificates of Coverage to include the mandatory benefit design changes the law requires.

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The New Healthcare Reform Law: What It Means For Your Business