Affordable Care Act Changes: What We Know
Affordable Care Act changes are a hot topic right now. If you’ve been following the news lately, you know politics are a real mess. Probably not something you want to discuss at the dinner table, but definitely something you should be discussing in your board meetings. There’s been a lot of back and forth on what’s going to change with the Affordable Care Act (also known as Obamacare), and that creates a lot of confusion for both you and us as an agency. However, rest assured that our Benefits team makes it a top priority to stay on top of, and learn about, any proposed Affordable Care Act changes that could affect our churches.
As of this writing, we don’t really know what will happen with the Affordable Care Act. We have some insurance industry insight, but until legislation happens it’s all speculation. Nothing will really change until the President signs something into legislation in April or May of 2017.
Even though we can’t predict the future when it comes to Affordable Care Act changes, we thought we’d share some of that industry insight with you. Bear in mind this is speculation, not fact. Here’s what a “new” ACA could look like:
- Individual Mandate replaced with penalties
- Subsidies replaced with tax credits
- Employer Mandate eliminated
- EHB (Essential Health Benefits) definition eliminated and left to states
- Expansion of Medicaid limited
- ACA taxes go away – except for Cadillac Tax
- 3:1 ratio goes to 5:1 (Seniors won’t be charged more than five times what younger patients pay in premium value.)
- Dependent Coverage to Age 26 stays
- Insurance reforms stay
- Exchanges? California’s exchange likely to stay
We’ll be sure to keep our ear to the ground on the Affordable Care Act changes, and when the ACA is modified or repealed ChurchWest Insurance will contact all of our churches to let them know how it will impact their ministries.