Health insurance reform was signed into law in March 2010. The legislation was passed in two pieces, the Patient Protection and Affordable Care Act, better known as the Affordable Care Act (ACA), which was amended by the Healthcare and Education Affordability Reconciliation Act of 2010. Read together, the bills total more than 2,500 pages in length. The U.S. Supreme Court has upheld the constitutionality of the law, although certain (non-employment-related) provisions of the law are still subject to subsequent attacks. The law is massive in scope and complexity. Employers, both large and small, are affected by benefit mandates, recordkeeping and reporting obligations.
The centerpiece of the reform legislation is the mandate that all individuals be covered by health insurance. In order to help individuals find such coverage at a reasonable expense, states have been required to set up insurance exchanges. In addition, employers must either offer health insurance benefits for employees or pay penalties. A summary of the major provisions applicable to employers can be found in the following paragraphs. For most employers, it is incumbent to work with your health insurers to ensure that your plans comply with the new laws.
Note: Certain provisions apply even...
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