Professional Services and Healthcare Reform
Employers and business owners will bear the brunt of the financial and operational mandates of the new healthcare reform law. Owners face unprecedented testing and reporting responsibilities which will include monthly monitoring of employee earnings in relation to company financial contributions to health plan costs, monitoring of earnings in relation to out of pocket maximum exposures, monitoring of penalties and eligibility of certain employees for health exchanges, monitoring of claims liabilities for pre-65 early retirees, monitoring of health plan designs against mandated normative plans and a host of reporting requirements that they don’t have now.
The law’s sheer complexity belies a tremendous need for professional services organizations that will have to project plan compliance and vend services with companies capable of monitoring and reporting. While many of the law’s mandates don’t go into effect for 2 years…..many others are in effect already. Small employers are looking for professional services organizations capable of helping them to calculate small group tax credits now. Other companies are scurrying to discover how to apply for the early retiree reinsurance reimbursement mechanism.
Business owners are dazed by the complex of obligations facing them under the new law and they are reaching out to discover who they can count on to lead them down a nimble path. There are significant opportunities for professional services firms in this space. Plan sponsors are looking for guidance and information to guide them down the proper path.
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