What You Need To Know: Healthcare Reform Update in KY
This time of year is HR’s busiest with open enrollment and other year-end tasks. We’ve made it easier by creating an End-Of Year Checklist For Strategic HR Professionals. Below, is the most updated happenings regarding healthcare and what it means for HR professionals.
Healthcare has been one of the most debated topics since President Donald Trump’s inauguration. This summer, the GOP led House tried to pass three different health care plans to repeal & replace the Affordable Care Act (ACA) but were short a few crucial votes each time. They have shelved healthcare reform for now, but if you’re an HR professional there are options to make 2018 compliance easier.
Anthem Reducing Coverage In Kentucky Next Year
Anthem recently announced plans to reduce its ACA footprint next year in 9 out of the 14 states it currently sells individual health plans both inside and outside of the government-run marketplaces. Kentucky is one of the states that will be affected.
Anthem currently offers coverage in all 120 counties, but will reduce coverage to 59 counties next year, which will affect open enrollment for 2019. This pullback will not affect Anthem selling group insurance plans, Medicaid Advantage, and Medicaid.
Anthem states that “planning and pricing for compliant health plans has become increasingly difficult due to a shrinking and deteriorating individual market.” This stems from President Donald Trump discussing the probability of withholding the cost-sharing subsidies that the government currently pays insurance companies so that monthly premiums are more affordable.
The Latest News In The Healthcare Reform Debate
At the national level, the government is facing a potential partial shutdown this week if they cannot come to a long-term agreement on a budget. The last time the government shutdown was in 2013 over conflicts revolving around the Affordable Care Act (ACA). This time, debates over domestic spending (which includes healthcare costs), military funding, and immigration are threatening another shutdown.
Healthcare reform may no longer be considered a debate as President Trump has recently signed an executive order, which could divide the market to where it was prior to the ACA. Previously, plans for the young and healthy were cheap and easy to obtain whereas plans for people who had more healthcare costs and pre-existing conditions were harder to obtain.
ACA plans are guaranteed issue, meaning that no one is denied healthcare coverage because of pre-existing conditions. The good news is that the ACA is still the law, so everyone in Kentucky still has access to a plan that will cover their needs and fit their budget for 2018 and business can go on as usual for HR personnel during this year’s open enrollment.
If you are an employer with over 50 full-time or full-time equivalent employees, there’s still time to think about implementing a successful system to manage your ACA compliance for 2018. Our unified Human Capital Management platform includes an ACA Module. It makes ACA compliance easy by giving you the tools to effectively manage regular and variable-hour employee benefits compliance, along with applicable reporting and a simple year-end process. Contact us to experience all the benefits of our ACA Module to prepare ahead for a successful 2018.