July 12, 2012 (PLANSPONSOR.com) - Following the Supreme Court’s recent ruling to uphold the Patient Protection and Affordable Care Act, plan sponsors should focus on both complying with the new rules and the longer-term impact for their plans.
During a webinar sponsored by Fidelity and hosted by PLANSPONSOR, experts emphasized that regardless of the November presidential election outcome, plan sponsors should not delay their preparations.
The milestone years for the health care reform are 2014 and 2018. The year 2018 seems far down the road, but “that’s only four annual enrollments away,” cautioned Brad Kimler, executive vice president of benefits counseling at Fidelity.
“The longer you wait [to plan], the more aggressive you’re going to need to be,” said Jeff Munn, vice president of benefits policy development at Fidelity.
Regarding near-term compliance, companies should prepare to deliver on employee communications, payroll issues, and financial and reporting information. “Get on board and keep moving with the compliance,” said Christi Wise, senior vice president of product management at Fidelity.
- $2,500 health care flexible spending account (FSA) limit effective January 1, 2013;
- Notice of exchanges by March 1, 2013; and
- Summary of Benefits and Coverage/Uniform Glossary for annual enrollment beginning September 23, 2012 and beyond.