Affordable Care Act: Overview
The Affordable Care Act (ACA) is a comprehensive federal health care reform law with provisions that are being phased in over a period of several years. The legislation seeks to ensure quality of coverage and guarantee access and affordability.
What do employees need to know?
For benefits-eligible UVM employees, there will be no changes during the 2016 calendar year to the medical insurance plan offered by UVM. The university's existing benefits meet the ACA's requirements for affordability, benefit value and coverage.
What must an EMPLOYEE do to comply with the ACA?
- The ACA required most Americans to have medical insurance by January 1, 2014, or pay an income tax penalty. The law offers individuals the ability to choose how and where to get coverage.
- If individuals already have medical insurance through an employer-sponsored plan (such as the UVM medical insurance plan), Medicaid, Medicare, or private insurance, they can keep it.
- Individuals may choose to purchase medical insurance from Vermont Health Connect (the Vermont "healthcare exchange") and possibly qualify for a federal subsidy.
What must the UNIVERSITY do to comply with the ACA?
- UVM's current employee medical plans are qualified in the Vermont marketplace as a result of providing essential health benefits, following established limits on cost-sharing, and meeting ACA requirements.
- Effective January 1, 2015, large employers like UVM (50 or more employees) will incur penalties if they fail to offer health insurance benefits to all employees who average 30 or more work hours per week, or 130 hours per month, for a 12-month period.
- To ensure that all UVM employees who average 30 hours of work per week are offered medical insurance, UVM departments are assisting Human Resource Services in accounting for hours worked by historically non-benefits-eligible employees.
Learn more by exploring the links below:
Last modified November 05 2015 11:02 AM