If there’s one thing most of us in HR are tired of talking about, it’s Healthcare Reform. With so much uncertainty surrounding the issue – and at times even animosity (depending on which side of the water cooler you hang around, that is) – one option is to simply do the bare minimum to prepare for 2014 and be done with it. And it is in that spirit of bare minimums that we present this article.
“Does My Plan Provide Minimum Value?” A good question – and also the title of Seyfarth Shaw’s latest installment of their continuing series on Healthcare Reform. The article – their 38th in the series – outlines the 3 options the Internal Revenue Service (IRS) has proposed as alternative methods for calculating whether or not your plan provides the minimum essential coverage as required by the Affordable Care Act (ACA).
The 3 alternatives are:
- a calculator to be issued by the Department of Health and Human Services and the Department of the Treasury (let’s hope they team up with Texas Instruments)
- actuarial certification (if you prefer, or know what that means)
- safe harbor checklist (no glass bottles on the beach?)