The Horton Group has announced the release of a new tool to help employers adapt to the changing healthcare reform laws coming into effect in January 2014. The Patient Protection and Affordable Care Act (PPACA) will introduce multiple new legal and tax compliance issues that employers must navigate when creating qualified health plans. The new tool analyzes employee census data, current plans, and employer contribution information combined with data from the U.S. Census to calculate plan costs for any employer type.
“Over the last year, companies have faced the challenge of communicating changes in health care. Since the Supreme Court upheld the health care reform law, employers are approaching Horton asking, ‘as my plan runs today, what should I be concerned with?’” said Ken Olson, division president of Horton Benefit Solutions. “The impact analysis tool helps our clients see into the future and analyze what they need to be concerned through a detailed summary report.”
Other information used by Horton to estimate the financial impact of the numerous healthcare reform rules includes:
• Costs of new eligibility requirements,
• Effects of expanded Medicaid eligibility rules, and
• Potential incurred penalties.
“Planning for future business expenses is vital to the success of any company. The changes in health care law have the potential to be a significant added expense; however, it doesn’t have to be that way thanks to our analysis tool. I encourage employers to address this complicated issue sooner rather than later to allow for a smooth transition in 2014,” said Olson.