Regardless of your political affiliation, the new year promises to bring us a plethora of changes to the healthcare marketplace. Let’s take a look at some of those opportunities and join the speculation that is rampant in all forms of journalistic endeavor.
First, let’s address the repeal and replacement of the Affordable Care Act (ACA). For most insured people, things will not change in 2017. Any healthcare updates will most likely occur as a phased-in approach, beginning either October 1, 2017, or January 1, 2018, and then continue over the next couple of years.
In the absence of any approved changes by the new Congress, employers can expect rates to continue to increase due to phasing out of the ACA’s reinsurance or “corridor” reinsurance programs and the substantial losses insurers have continued to rack up in the still open market exchanges. Insurers will continue to withdraw from unprofitable markets, leaving fewer options for small employers and individuals/families.
Simply put, this is not a time for an SMB owner to go it alone. You should find a trusted advisor to guide you through the maze of healthcare updates, networks, definitions, and compliance issues that arise as you attempt to do what’s right by your employees while staying clear of violations of the governing laws.
One thing that is clear, the rise of HR software solutions for the SMB contingent is here and will grow exponentially in the coming months. Payroll, benefits, time and attendance, and HR advisory services will continue to be successfully automated, saving SMB owners time and money.,
My advice: sit back, take a deep breath, and study any proposed changes as to how they could affect your company. Partner with your broker and develop a plan to make 2017 one of your best years.
Looking for the best health insurance options for your small business? Check out this blog post.