Health Reform - Full Steam Ahead!

[MAJ]

Ok.... So the 23rd is creaping up on us....

I have a friend who is out of work - Trying to find a job.
His wife works 40 hours a week.

She was just told that they are cutting her hours to 28 hours.
Why? Well, under the new laws they'd have to provide her with health insurance. And, since her husband is not insured they'd have to insure him as well.

Nice!!
Boy - Newton was a hoot!
To every action there is always an equal and opposite reaction....

Sorry - Just had to vent...

[Corduroy Frog]

Effect Rolls DownHill

...just like everything else.

Touted as the solution to stop abuses by insurance companies and cost control for providers, the real effect of the law did absolutely nothing to stop double-digit increases and other problems at the heart of our healthcare system.

The medical insurance companies keep rolling along. Most of what I've seen this year are increases of 25%-50% on small businesses. Fortune 500 companies employing large numbers of part-time workers such as WalMart and Home Depot are allowed to continue their non-coverage of such workers. And remember the promise to "allow Medicare to negotiate with drug companies?" This did not happen, but instead Medicare DID cut payments to doctors.

In addition to the sellout to the existing institutional interests, the BIGGEST such institution being the US government used this legislation to enact whopping tax increases. We as preparers are being introduced to the first round of these in 2011 with more to follow.

The big losers in the deal? EVERYONE, except the parties whose abuses were supposed to be stopped.

[newbie]

I'm just askin'

She was just told that they are cutting her hours to 28 hours.
Why? Well, under the new laws they'd have to provide her with health insurance. And, since her husband is not insured they'd have to insure him as well.

.

She was told, but is that true?

I have read that children must be allowed to stay until they turn 26(or 27?), but it's my understanding that the employee can be forced to pay the extra premium. I haven't seen anything about forcing unemployed spouses?

Also found, employers with more than 50 employees must provide health insurance or pay a fine of $2000 per worker each year if any worker receives federal subsidies to purchase health insurance. Fines applied to entire number of employees minus some allowances.
Not sure what the allowances might be?

[Bees Knees]

Ok.... So the 23rd is creaping up on us....

I have a friend who is out of work - Trying to find a job.
His wife works 40 hours a week.

She was just told that they are cutting her hours to 28 hours.
Why? Well, under the new laws they'd have to provide her with health insurance. And, since her husband is not insured they'd have to insure him as well.

The law requiring employers with at least 50 full time employees to provide affordable health insurance to employees and their dependents is not effective until 2014. September 23, 2010 only applies to plans that already offer dependent coverage to also apply to adult children up until they turn age 26. If this employer does not currently offer dependent coverage, there is no additional requirement beginning on September 23rd of this year.

Before laying blame for something, it is best to know the facts. Is it possible this employer is simply providing an excuse for making cuts?

[Bees Knees]

BTW, there is a ton of miss-information out there on the new health care reform law. Once again, we as tax professionals are going to be hit with questions concerning the new law, even if such questions do not affect the client’s tax return. Similar to the way we are expected to answer questions concerning Social Security benefits. I suggest everyone read that new Health Care book from TTB before tax season starts.

[Edward]

OR better yet, download HR 3590 & 4872 as it presents a detailed description of what is becoming effective - from 2009 to 2018. I downloaded these from NATP.

[JoshinNC]

And take a CPE course (or two) on the subject before year end

BTW, there is a ton of miss-information out there on the new health care reform law. Once again, we as tax professionals are going to be hit with questions concerning the new law, even if such questions do not affect the client’s tax return. Similar to the way we are expected to answer questions concerning Social Security benefits. I suggest everyone read that new Health Care book from TTB before tax season starts.

I will be using the TTB materials, but also am taking a self study CPE course and taking the in person at the Gear Up seminar in Vegas in November. This is going to completely change the nature of our businesses and our client's are going to expect us to know the answers even before the govt does.