Health Care Reform Update: Happy Five Year Anniversary
It’s hard to believe that employers have been living with the Patient Protection and Affordable Care Act (also known as Health Care Reform) for almost 5 years. The law was enacted on March 23, 2010 and continues to have a significant impact on employers. The number of requirements and the volume of regulations and other guidance which has been issued to date is unprecedented in the employee benefit arena.
One question employers frequently ask is whether Congress will repeal or scale back Health Care Reform. While the new Republican majority in the Senate, coupled with the existing GOP majority in the House, has introduced many bills to repeal, modify or otherwise reduce the scope of Health Care Reform, President Obama’s veto pen is still a likely impediment to any significant change. For that reason, we encourage employers to continue to comply and prepare for the additional new requirements as they take effect. Probably the most significant for you to consider is the new employer reporting requirements (please see the Linked article).