Hurry up and wait

In true American fashion, yet another aspect of our lives has caused us to hurry up... and wait. No, we're not talking about airport travel or doctor office appointments- think bigger. Like one of the largest reform bills to pass through Congress in our lifetime.  Yes it has been one year today since the official sign-off on the Patient Protection and Affordable Care Act. Happy Anniversary?

Since March 23, 2010, employers across the nation have scrambled to evaluate their plans and prepare for all that is "health care reform." For the most part, U.S. employers are are ready and willing to comply with this legislation, but we are in a holding pattern due to delays in actual regulations and a few State court decisions. Also, the majority of the true impact from PPACA will not be seen until 2014, when most of the provisions are set to begin.

After a year of analysis, here are our top three issues to remember over the course of the next few years.

1. Employers should begin cost modeling in time for the 2014 regulations. Deciding to stop providing major medical coverage and sending employees to the exchanges is one option. Continuing to offer a compliant plan is another. Each come with their own set of costs and challenges. Don't forget to lean on VFBC for this analysis.

2. Ensure all plan documents are up to date and reflective of any plan changes made in 2010. Many employers increased the dependent eligibility up to age 26 and eliminated lifetime limits on essential benefits, both of which should be revised in your SPDs and contracts.

3. The constitutionality of the individual mandate provision of health care reform continues to be challenged in courts.  Experts are in widespread agreement that this issue will be resolved by the U.S. Supreme Court, though we don't know when.

As always, VFBC will keep our clients abreast of all important PPACA issues as they arise throughout this second year. But right now, all we can do is wait.