BTerrell Group Blog

The Impact of the Healthcare Reform Bill on Employers

Posted by Meredith Gooch on Fri, Oct 15, 2010

We wanted to share a couple main points from the healthcare reform bill for anyone who hasn't been able to make it to the recent round table luncheons we've been hosting. These bullets came straight from the presenters, Jack and Jonathan Reaves of The Reaves Agency. Keep in mind that timelines and qualifications applicable to many areas of the bill. This is just a snippet.

  • Everyone must buy insurance and get it either on their own or through their employer. 
  • Employers with 50 or more employees who do not offer coverage will be fined $2,000 per employee, but exempts the first 30 from the fine. (For example, if you have 51 employees you pay the fine on 21 employees.)
  • All individuals must have qualified health insurance in place by January 1, 2014. Failure to have insurance will result in a tax up to 2.5% of household income with a minimum of $695.
  • The definition of qualified medical expenses has changed so that over the counter medications are no longer eligible expenses for HSA’s, FSA’s, and HRA’s. FSA’s will have an annual maximum limit of $2,500. The penalty tax for use of HSA money for non-qualified medical expenses doubles from 10% to 20%.
  • Small businesses with fewer than 25 employees and average annual wages of less than $50,000 that purchase health insurance for employees may be eligible for tax credits for up to two years.

There is still time to sign up for one of the round table luncheons! Contact Meredith Gooch for more information or to sign up now!

Tags: jonathan reaves, impact of healthcare reform bill on employers, Jack Reaves

How Will The New Healthcare Reform Bill Affect Your Company?

Posted by Meredith Gooch on Thu, Apr 29, 2010

On Sunday, March 21, 2010, the House of Representatives passed the fiercely contested healthcare reform bill, HR 3590. On Thursday, March 25 the Senate passed the Reconciliation Bill, the so-called "fix it" bill. On Tuesday, March 30, President Obama signed the final piece of the legislation into law. This legislation will have a major impact on every person living in the United States for the foreseeable future. While there are many implications of this bill, we'll only discuss the pieces that will directly impact employers at this luncheon.

What: Round Table Luncheon
When: Thursday, May 13, 2010 at 11:30 a.m.
Where: Lawry's The Prime Rib in Addison, Texas
Cost: $15 per person

Contact us to learn more, or RSVP NOW!

About the Moderator:
Jack Reaves, CLU, agency founder, has 30+ years of successful insurance experience. Some clients have been with him since the agency opened for business. Jack's specialty is group insurance for private and public employers. His clients range from companies with two employees to those with thousands on their payroll. Jack prides himself on learning a client's needs, then designing solutions to fit that client's business goals. Prior to founding The Reaves Agency, Jack held management positions for Safeway stores. His success in that venture inspired him to open his own business.

Tags: luncheon, CPE, healthcare reform, Jack Reaves