The Affordable Care Act: Technology Companies Must Continue Compliance Efforts, as appeared in TechLifeSciFiNewsSeptember 5, 2013
Michelle Capezza, a Member of the Firm in the Employee Benefits and Health Care and Life Sciences practices, and Gretchen Harders, a Member of the Firm in the Employee Benefits practice, wrote an article titled "The Affordable Care Act: Technology Companies Must Continue Compliance Efforts." Both attorneys are in the New York office.
Following is an excerpt:
Technology companies are in the unique position of developing new products and technologies for the healthcare industry, while at the same time acting in the role of employer subject to the healthcare reform mandates under the Patient Protection and Affordable Care Act of 2010, as amended ("ACA"). Whether the company is availing itself of the small employer healthcare insurance policies offered on the state Health Insurance Marketplaces (Exchanges) or timely complying with the large employer healthcare mandates applicable to its existing group health plans, a technology company must address the impact of healthcare reform and bottom line costs to the business.
All employers sponsoring group health plan programs are subject to the complex and voluminous requirements imposed on such programs by ACA. As widely reported, in July the Obama administration delayed the effective date of the annual reporting and assessment of shared responsibility payments under the employer mandate to 2015. These requirements were originally to take effect in 2014 and now employers with 50 or more full-time equivalent employees (as determined under ACA) will have an additional year before the employer reporting requirements under this component of the ACA must be met and employer penalties could be imposed.
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