Here we go with the latest health insurance news for July 17, 2013.
Republicans in the House of Representatives continue to push for a delay in the individual mandate, emboldened by the Obama Administration’s announcement of a delay in the employer mandate until 2015.
Most House Democrats, of course, intend to oppose the measure. The bill is dead in the Democrat-controlled Senate, and the President has vowed to veto the bill.
The New York Times has an article out saying that insurance exchanges will decrease insurance premiums by 50%. That sounds great, but as the article mentions, apples-to-apples comparisons are not easy to make. Also, while it may sound great that someone making $25,000 per year will only have to pay $145 a month for a silver plan, that’s a lot of money for that individual. Will they really be jumping at the chance to pay over $1,700 for something they are not currently purchasing? Maybe, maybe not. Exchanges are coming, one way or another, and it will be interesting to see how these “50% cuts” actually work out in New York.
Of course, the biggest challenge is going to be having the exchanges in place in all 50 states. A handful of states will be ready by 2014, but most will not be ready or are refusing to implement an exchange. The federal government continues to say that the federal exchange will be ready in time, but that time is running short. Make sure you and your employees are prepared for the decisions you will have to make when 2014 arrives. With the delay in the employer mandate, individuals are going to have one less avenue where they can purchase medical insurance.
And as if anyone needs reminding, the time for procrastination is over. Make sure you understand where your benefits need to be in 2014 and how to effectively implement your strategies.