Foster & Parker is striving to ensure we keep our clients informed about the many changes taking place with Health Care Reform.
Many of you have received the letter we sent to you with a template letter to notify all employees of the existence of The Exchange aka Covered California. All employers, whether you offer insurance to your employers or not, you must notify all employees of the existence of the Exchange, a description of the services provided by the exchange, how the employee may contact the exchange for assistance, that the employee may be eligible for a premium tax credit for a qualified health plan purchased through an exchange if the employer’s health benefit plan’s actuarial value is less than 60%; and that the employee will lose the employer contribution toward health coverage, and that all or a portion of the contribution may be excludable from federal income taxes, if the employee purchases a qualified health plan through an exchange.
Health Care Reform is very fluid and seems to be ever changing and as quickly as we get notified we will share that information with you. Many of these changes will be taking place in the next few months, like the employer notification of The Exchange.
Foster & Parker is here to help guide and assist you through these many changes that are occurring. If you have any questions or would like to discuss any of these upcoming changes, please contact our office.