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Employers Try To Prepare For New ObamaCare Fee in 2014.

Employers are trying to prepare for a little-noticed fee in the Obama administration’s new federal health-care law that will charge them $63 for each person they provide health insurance for in 2014 and beyond. This additional fee is one of the clearest cost increases companies face when the new law takes full effect. It has been calculated that companies and other plan providers will pay $25 billion over three years to create a fund for insurance companies to offset the cost of covering people with high medical bills.

The $63 fee will apply to plans covering millions of Americans in 2014. The ObamaCare program applies to employers that assume the risk for workers’ medical bills, in other words are “self-insured”, and many private plans sold by insurers. The fee is scheduled to be smaller for 2015 and 2016 as the fund balance grows.  However, it is noted that at this time regulators have not set those fee amounts for those years.

The fee was apparently heavily lobbied for by the insurance industry as they claim it will help offset the cost of providing health coverage for those individuals with pre-existing conditions. The new law forbids insurance companies from denying coverage to those individuals. Insurers claim that the fee will help maintain or even lower the cost of health insurance in general.

Many large companies are currently heavily lobbying government officials to postpone or even exempt their business from the fee. They claim it is just one of many projected costs associated with the implementation of ObamaCare

While the Federal government just agreed to take over the collection of the fee, instead of leaving it to the states, it is not clear how it will be collected. While submission of the fee will probably not be a payroll function, HR departments will inevitably be involved as HR administrators  have the best handle on employee counts and status.

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-B W – Westmoreland, DDS, Johnson City, TN

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4-11-2014

Time & Pay Systems Safe From Latest Internet Security Breach

If you are wondering if you should be concerned about the latest breach of internet security and your Time & Pay data systems, the answer is No. The virus, the Heartbleed Bug, is the latest serious vulnerability in the OpenSSL cryptographic software library which allows the interception of information normally protected by the SSL/TLS encryption used [...]

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Time & Pay Sponsors Chattanooga Cystic Fibrosis Walk

Time & Pay is pleased to be given the opportunity to sponsor the Cystic Fibrosis Chattanooga chapter Great Strides event  April 27, 2014. The Cystic Fibrosis Foundation has made great strides in finding a cure for CF and significantly improving the lives of those individuals who have CF. The Foundation is one of the better [...]

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4-7-2014

Time & Pay announces New ATA App

Time & Pay is excited to announce a new smart phone app for our SwipeTime Automated Time and Attendance system.  This new app gives employees the capability of clocking in and out, change department/location/job, view pay period current hours worked and view time-off balances. Supervisors can view employees currently clocked in or with the day off [...]

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