Do you hear that ticking sound?

• Author: Webber, Brian C.
• Position: Obamacare

Obamacare. I am hard pressed to think of another current topic that is more often discussed and at the same time less understood. We have all heard a lot about it, but what really is "Obamacare" in practical terms? That is a very important question for all business owners. This brief article is by no means a deep dive into the very complex and still-evolving law. Besides, no one wants to read that anyway. Instead, it is intended to be a reminder to take a look at your coverage to see if you are in compliance, and to consult with professionals if necessary.

Obamacare is the commonly used name for the Patient Protection and Affordable Care Act, which was passed by Congress on March 23, 2010. When I first "sized up" the Act and its associated regulations some time ago, I discovered that if you printed them all out they would create a tower of paper over SEVEN FEET TALL. No, I didn't kill a whole forest by actually printing it out. Not only would that be a waste of resources, but let's face it, no one is going to read all that--especially since it seems to be evolving over time and is a bit of a moving target. As soon as you think you have a grasp on it, it changes yet again. Between changes to the content and delays in implementation, it has been difficult to stay out in front of it.

Now that it has recently been rolled out, it is t-ime to understand and comply with it. There are three major components of the Act that need to be addressed by business owners:

The Individual Mandate:

The United States Supreme Court has declared that the individual mandate is constitutional under the taxing power of Congress. The Individual mandate requires that individuals must obtain "minimum essential health coverage" for themselves and dependents, or pay a tax. With a few narrow exceptions that can't be explored in detail here, this requirement applies to everyone.

For purposes of this short article, and considering the core audience of Utah Business Magazine subscribers, I will focus on employed individuals. Employees fall into one of two categories as illustrated below.

The Exchange/Health Insurance Marketplace: (for small employers)

You have likely seen advertisements for "Avenue H." That is the name for Utah's Exchange, which is an online marketplace (www.avenueh.com) to shop, compare, and purchase coverage for individuals and small employers. Utah has chosen to define "small" as less than 50 employees. However, in 2016 that will increase to less than...