“…Many retail and hospitality industry employers face a “double whammy†due to the upcoming health care reform law requirements…employers that do not offer qualified coverage face a $2,000 assessment per full-
time employee—those working at least 30 hours a week—starting in 2014…”
time employee—those working at least 30 hours a week—starting in 2014…”Employers in the retail and hospitality industries face the greatest cost increases when provisions of the healthcare reform law imposing financial penalties on employers that do not offer qualified coverage go into effect in 2014, according to a survey released Wednesday.Forty-six percent of employers in the retail and hospitality industries and 40% of employers in the health care services industry expect health care cost increases of at least 3% due to health care reform law requirements, according to the Mercer L.L.C. survey of 1,203 employers.
Some will face stiff cost increases as they must extend coverage to employees who are not eligible for coverage currently. In other cases, the coverage they provide, such as through what are known as mini-med plans, will not meet 2014 standards. That includes a ban on annual dollar limits on essential benefits as laid down by the Patient Protection and Affordable Care Act.
Read more: Retail, hospitality industries face big reform costs | Modern Healthcare http://www.modernhealthcare.com/article/20120808/INFO/308089995#ixzz233mGPu1M
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