Health Care Reform
The Patient Protection and Affordable Care Act (PPACA), commonly called the Affordable Care Act (ACA), is a federal statute of the United States, signed into law by President Barack Obama on March 23, 2010. Together with the Health Care and Education Reconciliation Act amendment, it represents a significant regulatory overhaul of the U.S. healthcare system, including employer mandates for coverage.
As part of the provisions of this legislation, employers with 50 or more full-time employees (or full-time equivalents) must offer health care coverage to those employees and their children (up to age 26) or pay penalties. As defined by the legislation, the coverage must provide “minimal value” and be “affordable.”
Though self-funded plans are impacted by many of the same legislative provisions as fully-insured coverage, there are some that do not apply. For more details on health care reform click here.