SF Businesses Talk Healthcare Reform
by Jeff Rusack, Reporter
September 20, 2012 5:54 PM
Portions of the Healthcare Reform Law are starting to make their way into our daily lives and changes approved by the U.S. Supreme Court over the summer will be implemented by early 2013.
The Healthcare Reform Law has lawyers, tax consultants, and healthcare providers telling local companies to prepare for changes.
“I think a lot of people haven't focused on it like they should have so far,” said David Kroon a labor and employment lawyer.
With the topic being so politically polarizing, some believe employers are playing the “wait and see” game.
“I think a lot of people waited to see what the Supreme Court would do and I think now they're waiting to see what happens in the election,” said Kroon.
The law won't just have employers on their toes.
“It's an individual mandate. So, individuals are going to be required to maintain coverage and businesses that are large enough are going to be required to cover their employees as well,” said tax partner Tom Pruner.
This coming January some employees will have to pay extra for Medicare.
“Right around the corner for 2013 there's an increase in the Medicare payroll tax for individuals that reach a certain threshold,” said Pruner.
That means that someone making over $200 thousand a year would have to pay more in taxes for Medicare.
Some lawyers are telling companies to make sure they're ready for a number of different healthcare reform deadlines in the next few years.
“Talking with your accountant and insurance company to see what planning opportunities you might have in the next couple of years,” said Kroon.
While things may change come November’s election, one lawyer says it’s better to be prepared.
“The odds are it's not going to go away. It's going to stay in one form or another,” said Kroon.
A reform law that has received a lot of scrutiny will start to change healthcare by the end of the year.
The healthcare law is almost a thousand pages long. For more information check out this link.