Patient Protection and Affordable Care Act

Employers must quickly finalize 2014 Compliance Efforts. Beginning in 2014, American citizens will be required to buy government-approved, private health insurance or instead pay a penalty.  The requirement is effective January 1, 2014. It is imperative that employers offer qualifying health care coverage to all full-time employees in lieu of a tax. Although the stipulations will not take effect until January 1, 2014, employers are advised to begin planning for their implementation well before that date.Proposed regulations include a transition rule under which employers may use any consecutive six-month period in 2013 to calculate their average number of employees. The proposed regulations retain the stability period method, provided in prior guidance for determining full-time employees. This method is for the purposes of penalty calculations.

Self-insured health plans are subject to new annual fees, with more substantial fees starting in 2014. To fund the Patient-Centered Outcomes Research Trust Fund, the Internal Revenue Service has finalized regulations on annual fees imposed on sponsors of self-insured plans and issuers of health insurance policies. The fee for 2013 is $1 per covered life, which must be reported and paid by July 31, 2013 for calendar-year plans.

Even employers that easily comply with PPACA regulations may need to estimate the impact on employer costs. This includes increased costs due to medical trends, additional governmental fees, a greater percentage of employees participating in health plans, and a requirement to offer health care coverage to individuals who are presently not eligible for benefits.

Please review the FAQs on for more information about Obamacare’s impending changes or contact us if you have further questions.

Independent Insurance Consultants is proud to be a part of the Obamacare Tennessee Team.  This group of three offers free seminars in an effort to help small businesses and individuals have a better understanding of compliance, effective dates and penalties.

The ObamaCare Tennessee Team:

  • Heather Anderson, Employment Attorney
  • Blake McCoy, President at Independent Insurance Consultants
  • Cari Francis, Human Resource Consultant at SourcePointe LLC