An important decision by the Obama administration may prompt questions from clients.
Business owners last week received a one-year reprieve on a requirement by the federal health-care reform law for employers to provide health insurance for full-time employees.
The Administration moved the effective date of this requirement to 2015 from 2014, in response to business groups’ concerns about implementation. When it goes into effect, businesses with more than 50 full-time employees will be required to provide health insurance coverage or face a penalty. In addition, some businesses already providing insurance may be penalized if the coverage does not meet criteria outlined by the law.
Many clients may have questions about how this requirement and other aspects of the health-care law, including taxes, will apply to them. With the news creating heightened awareness, it is an opportune time to discuss the health-care reform law with clients and prospects. For business owners, the blog post, “Health-insurance mandate includes businesses,” provides specific examples that illustrate how the penalties for employers are calculated.
Investor education pieces that may be useful in discussion with individual investors include, “A look at health-care reform and its impact on investors,” which offers a detailed outline at the various requirements for health insurance.
In addition, “Planning for the 3.8% Medicare investment income surtax,” provides information about the tax and offers planning strategies.
More in: Insurance/Risk Management