About four years ago to the date, on March 23, 2010, President Obama signed the Affordable Care Act into law. Four years later, some confusion still looms.
Kevin Moore, Deputy Secretary with the Wisconsin Department of Health Services, and Manny Munson-Regala, Assistant Commissioner at the Minnesota Department of Health, answered questions regarding the new health care law at the Dairy Policy and Directors' Leadership Conference last week.
What is certain is that March 31, 2014, is the deadline for open enrollment. This applies to all individual and family plans, not just plans covered through state and federally run health exchanges. The next open enrollment period is not scheduled to begin until November 15, 2014.
Under the new act, everyone must have health insurance. Whether you gather advice through the national website, www.healthcare.gov, individual state websites or by meeting with a benefits' counselor, you should explore your options to find the best coverage for the price, Moore said.
Munson-Regala agreed. "Shop, shop, shop. Don't just take the first renewal offer," he said. A few dairy producers in the audience concurred, sharing their stories of better coverage at lower premiums as a result of doing research and working with knowledgeable insurance agents.
As small business owners, many farms must also consider their employees. The toughest question is whether or not you want to provide insurance in the first place, said Munson-Regala.
"This is a very personal decision," explained Moore. A farm may choose to not offer health coverage and instead pay employees to get their own, but then they are missing out on tax benefits.
"What they are saving in health benefits may cost them in taxes," he said. In addition, farms that don't offer health care might not be as competitive as those that do when it comes to recruiting and retaining employees, he noted.
If you are not already covered, consider visiting www.healthcare.gov to review health care options for yourself, your family and your employees.
