WASHINGTON-Credit unions are being encouarged to move full-speed ahead to comply with new health care reform mandates and those going into effect later in 2013.
During CUNA's Governmental Affairs Conference here, Brad Pricer, senior manager, Employee Benefits Product Management, noted the government is now moving ahead with a spate of proposed regulations and clarifications for employers to comply with the Affordable Care Act. "Requirements are already in place, and more are slated for 2013 and 2014, which may require action by health plans, including the distribution of Summary of Benefits and Coverage and Exchange Notice Requirements to employees," Pricer said.
The Department of Labor has started auditing health care reform compliance, although to what extent is unclear. "I have yet to hear of a credit union that has actually been audited, but now is the time to rely on your broker or consultant to stay on top of the flurry of information coming from the government," Pricer added.
Pricer said the option for credit unions is to sponsor health plans or pay a penalty under the "play or pay" provision should they opt not to. Details on those costs have yet to emerge, he added, but noted there is enough information available now that CUs can calculate their approximate costs. A calculator can be found at www.cunamutual.com/portal/server.pt/community/health_care_reform/543/health_care_reform/685412.
Pricer recommended looking for potential opportunities with health care reform, such as shifting to a defined contribution approach for funding a health plan. Such an approach is made easier when combined with offering coverage through a private health exchange, he said, although the latter remain very much a work in progress.
