Update on the Health Care Reform Law
An Update on the Massachusetts Health Care Reform Law, Chapter 58 from the Affiliated Chambers of Commerce of Greater Springfield, Inc.
Did you know…that the Chamber continues to monitor the Health Care Reform Law and has done nine bulletins on it since April of this year? Changes continue to be made to this law. This law was so far reaching and complex that it was always felt that it would undergo many adjustments over the first few years of its implementation.
One change made a few months ago was to the requirement around the Section 125 plans that was the subject of Health Care Bulletin number 4 in May. The requirement that all businesses with 11 or more full time equivalent workers have a compliant Section 125 plan still exists. The change is that the plan does not have to be filed with the state (the Connector) and can be held by the business and made available if requested. The web site for the connector is www.mass.gov/connector where details on this and other aspects of the law can be found.
The penalty phase of this legislation comes into play on January 1, 2008. This is for individuals who under the law must have health insurance, and for those companies required to provide this benefit.
The reporting requirements for business falls under the state’s Department of Unemployment Assistance and the form became available on line October 1, 2007 and must be filed by November 15, 2007. The link to the DUA site covering this subject is: http://www.mass.gov/ and should provide you with a great deal of information.
These bulletins are not intended as legal or tax advice. You will be offered resources that you should contact for specific advice on how this law will affect your business. The Chamber is aware of the complexities of this law and continues to work on assisting companies with unresolved issues. The penalty phase of the law is fast approaching and this bulletin is part of our ongoing effort to keep you apprised of the law and to give you resources to help with compliance. As always your feedback is welcome by emailing me at ciuffreda@myonlinechamber.com.
Sincerely,
Jeffrey S Ciuffreda
Vice President, Government Affairs
Did you know…that the Chamber continues to monitor the Health Care Reform Law and has done nine bulletins on it since April of this year? Changes continue to be made to this law. This law was so far reaching and complex that it was always felt that it would undergo many adjustments over the first few years of its implementation.
One change made a few months ago was to the requirement around the Section 125 plans that was the subject of Health Care Bulletin number 4 in May. The requirement that all businesses with 11 or more full time equivalent workers have a compliant Section 125 plan still exists. The change is that the plan does not have to be filed with the state (the Connector) and can be held by the business and made available if requested. The web site for the connector is www.mass.gov/connector where details on this and other aspects of the law can be found.
The penalty phase of this legislation comes into play on January 1, 2008. This is for individuals who under the law must have health insurance, and for those companies required to provide this benefit.
The reporting requirements for business falls under the state’s Department of Unemployment Assistance and the form became available on line October 1, 2007 and must be filed by November 15, 2007. The link to the DUA site covering this subject is: http://www.mass.gov/ and should provide you with a great deal of information.
These bulletins are not intended as legal or tax advice. You will be offered resources that you should contact for specific advice on how this law will affect your business. The Chamber is aware of the complexities of this law and continues to work on assisting companies with unresolved issues. The penalty phase of the law is fast approaching and this bulletin is part of our ongoing effort to keep you apprised of the law and to give you resources to help with compliance. As always your feedback is welcome by emailing me at ciuffreda@myonlinechamber.com.
Sincerely,
Jeffrey S Ciuffreda
Vice President, Government Affairs