...Reform for Small Businesses/WhiteHouse.Gov) Part I Introduction The creation of the Affordable Care Act has brought many persons into a disagreement and has been in argument thru many administrations. Therefore we as a people should come together and set forth a plan that will be a benefit to All Americans. If we are to fix the economy of America we must repair the healthcare system. By reforming our healthcare system it will allow for you to maintain the coverage you have or seek another, delivering quality of care at a decreasing cost and waste elimination, allowing small businesses to remain competitive and reforming insurance coverage so there would never be a threat of losing coverage. “The Affordable Care Act requires states to create health insurance exchanges, or marketplaces, where small businesses can review, compare, and purchase health insurance. The small business exchanges, which will be created under the law of the Small Business Health Options Program (SHOP), will offer group health plans to small businesses. The exchanges are to offer a variety of health...
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...factors that make health insurance such an expensive benefit to provide, and the basic provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, known as COBRA. It will include the requirements imposed on employers and the options for employees under COBRA. I chose these two because I think they correlate to one another. Anyone seeking employment would want to know what benefits will be offered to them. It plays a large role in which jobs some applicants and employees seek out for employment. Some benefits are mandatory and some are not. Health insurance is not a mandatory benefit. Offering some type of health insurance will help an employer acquire employees to work for them. The average employee probably have dependents that rely solely on them for care, which means that the level of health insurance that they have will be a factor on the type of health care that they receive and their dependents. If you consider the amount of people that are in the work force and their dependents, that could be extremely costly to employers. There are several factors that cause health insurance to be an expensive benefit to provide to employees. Some of the factors include health care labor costs, more advanced technology, expensive test, increase in malpractice insurance, overused fee-for-service medicine, and the employee’s belief that health care is something that they are entitled to. I think the main factor that is causing health insurance to be an expensive benefit...
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...technology and logistics company searching for the most cost effective way to providing insurance coverage to 75 new and current fulltime employees as mandated by the Affordable Care Act. This act requires businesses to provide all fulltime employees health insurance meaning an increase in company costs to organizations like T&W Operations Inc. To concur with a large number of new customer proposals, T&W is now hiring 100 new employees, 50 of them being fulltime associates, equaling a total of 150 individuals, 75 fulltime and 75 part time employees. The company must find the most cost effective insurance plan to provide too all 75 new and current fulltime employees health insurance to abide by the Affordable Care Act requirements. . T&W’s Insurance Costs Increase: The Significance and Solution This significance of the solution is huge because if T&W Operations does not provide affordable health coverage to 75 fulltime associates, the company will pay a tax penalty of $2000 a person minus the first 30 employees, meaning T&W will owe $90,000 annually to the remaining 45 employees who did not receive insurance for a particular time period. According to the online forum www.obamacarefacts.com, “ The Obama Care "employer mandate" is a requirement that all businesses with over 50 full-time equivalent (FTE) employees provide health insurance for their full-time employees, or pay a per month "Employer Shared Responsibility Payment" on their federal tax return.” The purpose of this research...
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... Abstract This paper will address some of the issues and trends in health care as an employee benefit. “Employee benefits range dramatically between jobs and careers. Some jobs, such as those that pay minimum wage, do not provide employee benefits while others provide several benefits. Great employee benefits include a health insurance plan, dental insurance, vision insurance, life insurance and a retirement fund. Healthcare, is it still a Benefit? Health insurance ranks as the most important benefit that employees seek from an employer. This topic has been on the hot seat for most companies and employers. Health care costs are on the rise and companies are trying to find ways to combat it. How does this affect the employer/company? How does this affect the benefit offered to the employee? When a company provides health insurance benefits, they pay for all or part of the health insurance premiums for their employees. Employers are not required to provide health insurance coverage to employees. Health insurance is typically a matter of an agreement between an employer and employees. By definition, health insurance coverage is an employee welfare benefit...
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...The New Health Care Law What should employers know? MGMT 4510 CRN 87885 Legal Issues in Human Resources Dr. Judith Ogden Group Members Jemella Bartley Justin Martin Christie Simon On March 23, 2010, President Obama signed into law the comprehensive health reform legislation, the Patient Protection and Affordable Care Act, P.L. 111-148. Recognizing the disparities among American citizens, with and without health insurance, both Acts focus on ensuring that all Americans have access to quality, affordable health care. Comprehensive health reform addresses the following: major provisions to expand health care coverage, controlling health care costs, and improving health care delivery systems. While many debate the pros and cons of the new legislation, they must prepare for significant changes tiered over the next eight years. Here, we will discuss how the comprehensive health reform legislation affect employers and explain what they should know and be prepared for. The Patient Protection and Affordable Care Act each address essential components of reform: * Quality, affordable health care for all Americans: this function will accomplish a fundamental transformation of health insurance in the United States through shared responsibility. This means requiring most U.S. citizens and legal residents to have health insurance and requiring employers (large & small) to offer insurance or pay a penalty to the government for each employee. * The...
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...Universal Health Coverage: A Possibility for the United States Brittannie DePew Eng 122 David Moskowitz 9/21/2013 Medical costs are getting too expensive. Ever fought with your insurance providers because they refused to pay for care, or struggle to find an “in-network” provider? I know a woman whose name I will change for her privacy and the struggles she is going through are a perfect example of an issue many people face when dealing with insurance; Nancy’s (name changed for privacy) story is a perfect example of how our healthcare system is no longer working for the people. Nancy is this woman whose husband recently passed away. Nancy used to work for county and county workers cannot receive social security; and Nancy is too young for Medicaid by six years. Unfortunately, when Nancy’s husband passed away her healthcare began to go with him. Unless Nancy can find a way to pay the provider over a thousand dollars a month Nancy will lose her health care, because it was healthcare provided through her husband. She has tried searching for other providers but she cannot get the same coverage for any less money, when she found a couple that were close to the same coverage they did not accept pre-existing medical conditions. As a matter in fact many companies do not accept pre-existing medical providers. There are no options for Nancy; and that is wrong. There are many reasons why the United States should seriously consider Universal healthcare. Universal healthcare should...
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...Chapter 17 FUNDAMENTALS OF HEALTHCARE BENEFITS FROM THE EMPLOYER PLAN SPONSOR’S PERSPECTIVE CRAIG STERN PART 1 FUNDAMENTALS OF HEALTHC ARE BENEFITS FROM THE EMPLOYER PLAN SPONSOR’S PERSPECTIVE INTRODUCTION Healthcare benefits are designed to meet the needs of beneficiaries. Benefits must rest on the foundation of the organization’s needs and expectations. As such, a benefit is not defined until there are analyses of demographics, utilization, and the current and future requirements of the beneficiary population. Then the healthcare resources, costs and financial projections are analyzed to determine the infrastructure that will be required to deliver the benefits. This chapter focuses on the elements of healthcare benefits. WHAT IS THE NEED FOR HEALTH INSURANCE? Individuals at different age levels must ascertain their need for healthcare services. The uncertainty of one’s health and the expense of requiring hospitalization, physician care, or other health resources lead many to consider purchasing health insurance. As an economic and cultural decision, some purchase monthly benefits, while others choose only catastrophic care for unintended problems requiring hospitalization. 413 32400_CH17_Pass1.qxd 10/5/08 3:17 PM Page 414 414 Chapter 17 Fundamentals of Healthcare Benefits WHAT ARE THE TYPES OF HEALTH INSURANCE? Individuals (beneficiaries) may receive health insurance protection through several vehicles. They may be covered under...
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...logistics company searching for the most cost effective way to providing insurance coverage to 75 new and current fulltime employees as mandated by the Affordable Care Act. This act requires businesses to provide all fulltime employees health insurance meaning an increase in company costs to organizations like T&W Operations Inc. To concur with a large number of new customer proposals, T&W is now hiring 100 new employees, 50 of them being fulltime associates, equaling a total of 150 individuals, 75 fulltime and 75 part time employees. The company must find the most cost effective insurance plan to provide too all 75 new and current fulltime employees health insurance to abide by the Affordable Care Act requirements. . T&W’s Insurance Costs Increase: The Significance and Solution This significance of the solution is huge because if T&W Operations does not provide affordable health coverage to 75 fulltime associates, the company will pay a tax penalty of $2000 a person minus the first 30 employees, meaning T&W will owe $90,000 annually to the remaining 45 employees who did not receive insurance for a particular time period. According to the online forum www.obamacarefacts.com, “ The Obama Care "employer mandate" is a requirement that all businesses with over 50 full-time equivalent (FTE) employees provide health insurance for their full-time employees, or pay a per month "Employer Shared Responsibility Payment" on their federal tax return.” The purpose...
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...Fair Labor Standards Act (FLSA) or Federal Wage and Hour Law – A federal statute of the United States that was established in 1932 by Senator Hugo Black. This statute “contains provisions and standards concerning minimum wage.” It also covers equal opportunity requirements so that everyone is paid a fair wage regardless of race or sex. It covers overtime and holiday pay, record keeping, and child labor. (Textbook) These standards affect “employees in the private sector and in federal, state, and local governments. Covered nonexempt workers are entitled to a minimum wage.” (www.dol.gov/whd/flsa) It also started “the forty-hour work week, established a national minimum wage, guaranteed ‘time-and-a-half’ for overtime in certain jobs, and prohibited most employment of minors in ‘oppressive child labor.’” (Wikipedia) Provides enterprise and individual employee coverage. Federal Insurance Contributions Act (FICA) – an employment tax that “imposes two taxes on employees and two taxes on employers.” These taxes fund old-age, survivors, and disability insurance program (OASDI) and hospital insurance (HI). (Textbook) The FICA “tax is a United States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare —federal programs that provide benefits for retirees, the disabled, and children of deceased workers.” (Wikipedia) This act requires “12.4% of earned income up to an annual limit must be paid into Social Security, and an additional...
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...This Website communicates the current regulations and federal involvement in employee benefit. This report describes the features of this website and how each feature can be used to monitor employee benefits. And specifically focusing on how the benefits comply with all federal laws. Moreover this report provides detailed information on how employees would use this information to their benefits rights is protected. This new web service was developed based on data collected by the Occupational Information Network and the National Labor Exchange. The Occupational Information Network collects information on the skills and job requirements for a wide variety of nearly 1000 occupations in the United States (Investopedia Ulc., 2012, para 2). The National Labor Exchange was created by the Direct Employers Association to deliver information on the job requirements from various American corporations. Describe the major features of this Website and how each feature can be used to monitor employee benefits. The major aspect of this website would be the content list and how it is classified. In this section, we review the types of features found to be useful in web page classification research. First of all, I think that the structure and design are very important to a website as it decides whether or not a user will stay on that site. The major feature is newsletter updates. By voluntarily subscribing, e-laws will send an e-mail when new Advisors are added to the e-laws Web site,...
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...exclusions of the policy. However for commercial buildings, since 2010 it became compulsory for insurers to insure commercial buildings against collapse and public liability as part of the policy. Requirements Value of the Building Value of the contents/Stock Location of Property Use of Property [3] Fire and Allied Perils Policy This policy is designed to indemnify the insured for loss of or damage to the property insured as a result of the occurrence of fire, lightning and explosion. It can also be extended to cover natural perils such as floods, earthquake, impact etc. [4] Burglary Policy This policy provides cover for loss of or damage to property by theft following actual forceful and violent entry into or exit from the premises. It also covers damage to the premises as a result of the forceful entry or exit or attempt there at by burglars. [5] Home and Personal Assets Protection Insurance (Staff of Zenith Bank) This will cover the private dwelling place of the staff as well as the contents of the house against Fire and allied perils, theft and Accidental Damage in additions to associated perils relating to the occupants of the Premises. Requirements Value of the Building Value of the contents Location of Property Public Liability Insurance (PLI) This is...
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...devise a memo for Forward Style, Inc.’s management. The company offers benefits, such as Private Retirement Plan, Medical insurance, Disability insurance, Social insurance, including Social Security, Unemployment insurance, Worker’s Compensation, Pay for time not worked, Stock options, Child Care, and Family and Medical Leave (FMLA) of 6 paid weeks and up to 6 additional unpaid weeks. After reviewing and evaluating the company’s incentives and benefits program, I will determine if legal requirements are being met by the company. I will accurately identify and explain which benefits are legally required and which benefits are being used to attract employees. Additionally I will explain how the offered benefits impact the organization. Employee benefits are important to most employees. Therefore, benefits an employer offer can be a deciding factor for a potential employee in deciding whether or not to work for that company. According to the U.S. Small Business Administration, there are two types of employee benefits, such as benefits employers are required by law to provide and benefits that are optional for an employer to offer and or provide. Examples of required benefits include unemployment insurance, workers' compensation, and social security, whereas optional benefits include health stock options, child care, retirement benefits, and health care insurance coverage (The U.S. Small Business Administration, n.d.). Memorandum To: Forward Style, Inc. Management CC: Human...
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... TO: Taxpayer FROM: DATE: 13 September 2013 RE: Tax treatment of employer-funded health insurance premiums I. FACTS The taxpayer was laid off from ABC Corporation after 15 years of employment. ABC has a health insurance program that provides coverage to all employees, including those who have been laid off or retired within the last two years. ABC continues to pay all health insurance premiums on behalf of the taxpayer even while he is not working. II. ISSUE(S) A. Is the taxpayer required to include the employer-funded health insurance premiums in gross income? III. SHORT ANSWER No. The taxpayer is considered an employee and continues to participate in an employer-funded health plan. The taxpayer is not required to include employer-funded health insurance premiums in gross income. IV. ANALYSIS A. Framework of Authorities 1. Statutory Authority IRC § 106(a) generally allows an employee to exclude employer-provided coverage under a health plan from gross income. 2. Treasury Regulations An employee’s gross income does not include employer contributions to a health plan that provides compensation in the event of personal injury or sickness incurred by the employee or the employee’s spouse and dependents. Treas. Reg. § 1.106-1. 3. Treasury Publications (or IRS Position) In Rev. Rul. 82-196, 1982-2 C.B. 53, an employer contributes to a health plan on behalf of its employee. Under this health plan, the...
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...Running head: STATE VS. FEDERAL REGULATIONS PAPER State vs. Federal Regulations Paper XXXXXXXX University of Phoenix XXXXXXX MGT/434 State vs. Federal Regulations Paper Employees are protected by many federal and state laws that regulate what an employer cannot and can do. Therefore, figuring out which employment laws apply to the workforce can present a challenge because they can come from federal and state sources. The laws that are applicable to each workforce sector for employee protections depends on many factors; the number of employees, the type of business it conducts, and if it crosses state boundaries. The purpose of this paper is to examine how federal and state governments differ in their application of employments laws and will discuss an employment protection provided exclusively by a state government. State vs. Federal Wage, hour and employment laws governing employers and employees are set at the state level and the federal level. Often measurable differences between federal laws and state laws exist depending on the state the company is operating in. When this occurs, companies are supposed to comply and govern their policies to follow the laws that offer the best protection to the employee. On the federal level the agency over employment law is The US Department of Labor (DOL) this agency administers federal employment laws. In most states employment laws are administered by the states labor division. With many agencies under...
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...Abstract The Family and Medical Leave Act is administered by the Employment Standards Administration's Wage and Hour Division within the U.S. Department of Labor. The FMLA allows an employee to take up to 12 weeks of job- protected leave within a 12 month period for the following reasons: (a) birth of a new baby or placement of an adopted or foster child; (b) care of an immediate family member with a serious health condition. Immediate family members are to include spouse, parent, and children; (c) care of the employee’s own serious health condition. Are dead beat parents entitled to these privileges? The Family and Medical Leave Act of 1993 was signed into law by President Bill Clinton on February 5, 1993. The federal law became effective August 5, 1993 and revised with an effective date of January 16, 2009. The FMLA was once again amended by the National Defense Authorization Act (NDAA) for fiscal year 2010 (www.dop.nv.gov). The amendment by the NDAA expanded FMLA coverage to those eligible employees with family members enlisted in the Regular Armed Forces and coverage for “military caregiver leave” to eligible personnel who are immediately related to certain veterans with a serious injury or illness (www.wagehour.dol.gov). Explain if it matter that a parent literally had nothing to do with a biological child in order for the child to take advantage of the Family and Medical Leave Act (FMLA) to care for that parent. Per the Family and Medical Leave Act...
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