Health insurance reform — Virginia

How health insurance reform impacts benefits

The Patient Protection and Affordable Care Act (ACA) became law during March 2010. The ACA makes several significant changes to health insurance in the United States. The majority of changes became effective in 2014. There are significant changes for the health industry, individuals and employers. This summary addresses changes for employers.

Changes implemented before 2014

Small employers that pay 50% or more of specified insurance costs may receive a tax credit of up to 35% of their contributions. Those amounts vary based upon the number of employees and wages paid to them.

Changes that began in 2014

Most of the ACA changes began phasing in in 2014. Employers should monitor releases from the government as some requirements are being delayed. Changes so far include:

• exchange items

• taxes

• coverage.

Some of the significant aspects of the act include: 

• Insurance availability - Every insurance carrier will be required to accept every employer.

• Renewability guaranteed - Insurance carriers must renew employers.