The amount of information that an employer must understand regarding the Patient Protection and Affordable Care Act (PPACA) is, in one word, overwhelming. What might be neglected in that process, however, is a focus on educating their employees on the law and helping them to navigate the options available to them.
In fact, one could argue that assisting employees with health care reform decisions is one of the most important aspects of preparing for these regulations. Why? It comes down to employee engagement and retention.
If employees feel they’ve made the wrong health care purchasing decision, they’re going to wonder why their employer did not offer the correct guidance. These questions could cause your best people to walk out the door.
United Benefit Advisors has developed guides to help employers support their employees in their health care reform decisions. The Employee Guide overview defines:
- Health care reform
- The intent of PPACA
- Employee requirements, penalties and obligations
- The advantages and disadvantages of choosing a health insurance exchange over an employer sponsored plan
To help employees understand their eligibility for tax credits through the exchanges, this guide also comes with one of two supplements (A and B) depending on whether the coverage provided by the employer will satisfy the "minimum essential" requirement, and to begin to educate on how the plan and the exchange will interact.
Supplement A is for those whose employer expects to offer affordable, minimum value coverage, but may choose to enroll in the exchange instead and thus forgo their eligibility for tax credits/premium subsidies.
Supplement B is for those whose employer expects to offer coverage that does not meet affordability or minimum value, so eligibility for tax credits/premium subsidies (and reduced cost sharing) thus becomes an area of interest.
Communicating and guiding employees in their decisions on a critical area of their life -- their health -- is not only the right thing to do, but also a sound business decision.