How health care reform affects your business:
Health care reform is in full swing now, with most major provisions in place. Under the Affordable Care Act (ACA), CARES Act, and American Rescue Plan Act Of 2021, health care reform presents you with the opportunity to re-examine your health care strategy and keep your organization ahead of the curve.
“Our focus is to make sure your company is not only compliant today but also has a game plan in place to remain compliant through these consistent changes.”
To make the right decisions, you’ll need to answer such key questions as:
- – How do these Acts impact my decision of whether to offer coverage?
- – Is my business considered large or small under the ACA?
- – What employer requirements do I need to be concerned with?
- – How can IFS support your company’s compliance needs?
Please contact us if you have any questions or if you want more information about the following Acts.
ACA
The law has 3 primary goals:
- – Make affordable health insurance available to more people. The law provides consumers with subsidies (“premium tax credits”) that lower costs for households with incomes between 100% and 400% of the federal poverty level.
- – Expand the Medicaid program to cover all adults with income below 138% of the federal poverty level. (Not all states have expanded their Medicaid programs.)
- – Support innovative medical care delivery methods designed to lower the costs of health care generally.
CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 provide fast and direct economic assistance for American workers, families, and small businesses, and preserve jobs for American industries.
Assistance for American Workers and Families
Through Economic Impact Payments and other means, the Treasury Department is ensuring Americans are seeing direct and fast relief in the wake of the coronavirus pandemic.
Assistance for Small Businesses
The Paycheck Protection Program is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead.
Preserving Jobs for American Industry
By implementing the CARES Act, the Treasury Department is taking unprecedented steps to preserve jobs in industries adversely impacted by the spread of COVID-19.
The American Rescue Plan Act Of 2021
Goals of the American Rescue Plan are as follows:
Mount a national vaccination program, contain COVID-19, and safely reopen schools
This includes setting up community vaccination sites nationwide, scaling up testing and tracing, eliminating supply shortage problems, investing in high-quality treatments, providing paid sick leave to contain spread of the virus, addressing health disparities, and making the necessary investments to meet the president’s goal of safely reopening a majority of K-8 schools in the first 100 days.
Deliver immediate relief to working families bearing the brunt of this crisis
$1,400 per-person checks will be sent to households across America, providing direct housing and nutrition assistance, expanding access to safe and reliable childcare and affordable healthcare, increasing the minimum wage, extending unemployment insurance, and giving families with kids and childless workers an emergency boost this year.
Support communities that are struggling in the wake of COVID-19
Through providing support for the hardest-hit small businesses, especially small businesses owned by entrepreneurs of color, and protecting the jobs of the first responders, transit workers, and other essential workers we depend on.
Read more: https://home.treasury.gov/policy-issues/cares