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PPACAWhile the PPACA (Patient Protection and Affordable Care Act, aka "Obamacare") has many positive attributes, the new law's complexity and countless rules are certain to cause a degree of angst to many employers.  Remember, the PPACA law fills more than 2,700 pages and has various components that will phase in between the time it was passed in March, 2010 and 2020.  

Many new responsibilities are placed on employers regardless of whether or not the business offers health insurance to its employees.  One example is the requirement to provide a notice to employees by October 1, 2013 that provides information about the Health Insurance Marketplace Coverage Options.  The Department of Labor has two sample forms that can be used, one for employers that do not offer health insurance, and the other for employers that do offer health insurance.  The samples can be found in the Employee Security Benefits Administration' s section of the Department of Labor's website:  

Employers need to be diligent in learning all they can about the PPACA and how it affects their business.  The law affects nearly all businesses - both for-profit and non-profit.  There are even requirements for small businesses that fall below "50 full time equivalent" threshold that mandates an employer to offer "affordable" health insurance that meets "minimum value" standards to its "full time employees and their dependents".   Businesses should consult their insurance professional, attorney and accountant to begin planning for 2014.

With respect to insurance, the PPACA may affect more than just the health insurance a business provides for its employees, such as Errors & Omissions (E&O), Employment Practices Liability (EPL), Employee Benefits Liability (EBL) and Directors' & Officers Liability (D&O).  Now would be a good time to review these policies with your insurance professional to determine if coverage may need to be adjusted.  

The professionals at INSURANCE PLANNING SERVICE are here to answer questions you may have regarding your health insurance or other lines of your business insurance.  Contact us on the web or call us at 800-220-5582 today!
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Lighthouse Group Main Office in Grand Rapids, MI
Mailing Address | P.O. Box 530009, Livonia, MI 48153

Phone: 734.421.9900 | Toll Free: 800.220.5582 | Fax: 734.421.9911

Also serving these Detroit area communities in Michigan: Livonia, Farmington Hills, Ann Arbor, Southfield, Plymouth, Canton, Westland, Northville, Novi, Dearborn, South Lyon & Walled Lake