New York State Legislators Town H...
Real Estate Summit '17
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Many Westchester businesses are focused on the upcoming healthcare employer mandate—that is, beginning next year, large employers must offer affordable health insurance to full-time employees and their dependents or be subject to penalties. (This applies to employers with 50 or more full-time employees and will be phased in over two years, depending on employer size). What employers also need to focus on—though it won’t take effect until 2018—is the excise tax, also known as the “Cadillac Tax.” The tax applies to what the government considers “high-cost” employer health-benefit plans — for most workers, more than $10,200 annually for individuals and $27,500 for families. Employers will have to pay 40 cents of tax for every dollar of health-care costs that exceed those amounts.
The Westchester County Association today announced the launch of a new event series designed to give the Westchester business community the chance to learn from some of the region’s most knowledgeable, influential, and strategic thinkers. Through an array of events for members and the business community at-large, Business Intel will feature hot topics, trends, and tips (“business intel”) from leaders in healthcare, finance, real estate, technology, and more. First up is “Healthcare Reform 2.0,” a breakfast for employers and employees on April 3 featuring Kevin Smith, Northeast Exchange Solutions Leader with Mercer, offering strategies and guidance on evolving healthcare insurance models...
Westchester businesses have until next Tuesday to give their employees a heads-up on the new healthcare exchanges. Whether you offer healthcare plans or not, under the Fair Labor Standards Act, employers are required to issue a Notice of Exchange and COBRA notice (where appropriate) to all employees by Oct. 1 and to every new employee hired after that date within 14 days of hire.
The October 1st deadline is fast approaching. Open enrollment for the healthcare exchanges and compliance requirements for all businesses will begin. Gov. Cuomo is claiming that insurance products offered through New York Health Benefits Exchange will be 53% less on average than current individual rates. But how can insurance premiums be cut in half (on average) when medical costs continue to rise? True, the individual mandate enables insurers to trim premiums, because the risk can be spread over more policyholders – including healthy individuals, who typically didn’t buy insurance before. But there has to be more to the story. There is.
The Kaiser Family Foundation has designed a decision tree to help employers assess whether they may have to pay ACA penalties or not. But as those who attended our recent Lunch and Learn discovered, it's not so simple to determine...