Virtus Featured in NBJ - What the midterm elections could mean for the ACA
What the midterm elections could mean for the ACA
To lightly beat a dead horse, the U.S. Senate now consists of 53 Republicans and 46 Democrats with the Louisiana seat still in play but favoring a Republican win. The U.S. House now consists of 244 Republicans and 184 Democrats, with seven seats still in play. Call the Nov. 4 election whatever you wish, but the simple fact is that it was a Republican victory and can result in a meaningful impact on the ACA over the next two years.
But will it? Trust me, no one knows. Everyone is playing Nostradamus.
However, you should know what couldhappen and what its impact might have on your business, your employees and their families. Below is a summary of those most talked about.
There's Repeal and Replace doesn't that read as if it's a greater initiative than passing Obamacare to begin with? Furthermore, the Republicans still don't have the right solution to replace it.
The SCOTUS review of Halbig/King cases, which addresses whether subsidies may be provided within theFederal Exchange of which there are 36. ACA could effectively be struck down if the Court rules subsidies are not available.
Employer mandate set to kick in for employers with 100 employees in 2015. The Robert Wood Johnson Foundation projections show that with the mandate or without the mandate, the number of people insured would be the same in 2016.
"You can keep the plan you haveâ€¦" promise and the 30-hour work week requirement we all know now that keeping the plan we have has evolved to being quite difficult, and the 30-hour work week requirement is compromising businesses and employees across the country.
Taxes, penalties, or whatever label you wish the ACA is fraught with them. Every employer beginning this year is paying a $63 per covered person fee to stabilize the individual health insurance market. There's also the Health Insurance Tax, which is about another 2 percent over your current premium. There's more.
Reporting: Code Sections 6055 and 6056 if you haven't heard of them, you will. When you do, you'll wish you hadn't.
The times are changing and will be changing. Some will be good and some possibly not. Be watchful.