Health care coverage is changing fast and HR executives across Oregon are wondering how to keep up when reporting requirements are also ever-changing. On September 21st, TAO hosted the last of three summer webinars to help you understand your health plan and reporting requirements.
Over an hour-long webinar, four guest speakers shared their insights on “Health Plan Reporting Requirements”. Monique Little, Chief People Officer at First Tech Federal Credit Union started the webinar by introducing the potential impact of new EEOC Guidance, compliance in reporting and social wellness employee engagement.
Bethany Bacci, an Attorney at Stoel Rives, LLP talked more in details on information reporting including requirements set forth in Internal Revenue Code Sections 6055, 6056 and Form 1095-C. Bethany transitioned to Dione Fugere, the Principal at Mercer who also currently serves on the Operating Board for Trillium Family Services and the foundation board for PLACE. She talked about what companies are planning to do this year vs. last year and customer experience with their vendor services.
Dione transitioned to Tom Holt, Director of Government Affairs at Regence BlueCross BlueShield. He is one of the state’s leading experts on health care-related issues, and is a veteran health-care lobbyist and public policy communications professional. He also touched on vendor services and the impact of the PACE Act, reclassification of small groups, broad and regional impact. The Cadillac Tax conversation then floated back to Bethany, with a concise update that depending on elections results this Fall a lot could change with the Cadillac Tax.
Basic concept: 40% excise tax to extent the total cost of an employee’s GHP coverage exceeds
$10,200/year for employee-only coverage
$27,500/year for employee plus coverage for any other person(s)
President Obama once described the levy as targeting “really fancy [health insurance] plans that end up driving up costs”
Enacted to be major funding vehicle for health care reform
Delayed until 2020
Opposed by unions, insurance companies, private companies, nonprofits, and county governments
Congress opposes the tax on a broad, bipartisan basis
Both Clinton and Trump have stated that they would repeal the Cadillac Tax
Lastly, Tom and Dione talked about market consolidation and the potential changes with many mergers taking place. The effect with both individual vendors and the entire healthcare ecosystem is expected to accelerate, creating both opportunities and risks for employers.
If you missed the webinar and are interested in these topics, a recording is available to TAO members. Email our Membership Manager, Armando Yaws-Gonzalez for a link. Not sure if your company is a member of TAO? He will also have the answer!