RETAIL
OPERATIONS
by MauraKelleR
The Affordable Care Act implements changes that will affect how small businesses embrace health care coverage
wHaT BUSIneSSeS
neeD TO KnOw aBOUT
OBaMaCaRe
G
ather
together
smaLL
business
owners from diverse industries and
it won't take long for them to determine they share a common malady:
the rising cost of health insurance.
Businesses face a myriad of challenges when it comes
to health care costs, including increasing insurance
costs, ever-changing regulations, and a wealth of
insurance programs and policies to choose from.
Add to that, the increased health care costs attributed to the aging baby boomer population, and it's
no wonder that business executives and owners are
shaking their heads in dismay. And with the upcoming changes in the nation's health care laws, namely
through the Affordable Care Act (also known as
Obamacare), business owners and operators are
trying to understand what the future holds for their
health insurance initiatives.
On THe eDge
Here's one thing we know: Employers play an
important role in engaging employees in healthy
lifestyles, and research shows that employers who
invest in the health of their workforce see a return
on that investment. As healthy employees can dramatically affect a company's bottom-line, more and
more business owners are paying close attention to
the recent changes in health care laws facing our
nation. So what will the upcoming changes within
the Affordable Care Act (ACA) really mean for
petroleum business owners and their employees?
At its core, the Affordable Care Act says that,
beginning in January of 2014, companies that have
50 or more full-time equivalent employees must
provide adequate health coverage to employees at
an affordable cost. What's more, insurance plans
that have not been grandfathered in must meet new
20
JaNuary/February 2013
provisions to provide certain preventive services
without a co-pay or deductible, must cover dependent children until the age of 26, and must remove
annual and lifetime limits from coverage.
As Jeffrey Ingalls, president of The Stratford
Financial Group located in Wayne, NJ and author
of Healthcare Reform Made Easy, explains, those
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