WASHINGTON — It’s time to face facts: Obamacare is coming at you and there is no rational reason to think it won’t.
That was the giant takeaway from a CUNA GAC breakout session offered Tuesday by Brad Pricer, senior product manager for employee benefits at CUNA Mutual Group.
The U.S. Supreme Court in June ruled that the Patient Protection and Affordable Care Act is constitutional, in a 5-4 decision authored by Chief Justice John Roberts.
Add in the November election results and, said Pricer, the train has left the station and it is time for credit unions to look hard at what they need to do to ensure compliance with a law that imposes fines on businesses that are not compliant.
Pricer stressed that the law and its requirements are complex. Credit unions, he said, need to work with their brokers to find their best options. He also pointed to a CUNA Mutual website that features detailed information as well as worksheets.
The website, he said, is open to all credit unions, regardless of their relationships with CUNA Mutual.
Not offering healthcare coverage – and deciding to pay fines – is an option some businesses may decide is their most prudent options, said Pricer, but he stressed: “What impact would this have on your competitive position as an employer of choice?”
He indicated that he believed talented employees will be very mindful of their healthcare options in choosing where to work.
A sweeping change in coverage that, said Pricer, is rewriting employer health plans is a shift away from defined benefit plans to what Pricer called defined contribution plans, where how much the employer will pay, for what coverage, is central. Employees who desire enhanced coverages may be offered opportunities to buy them at their own expense.
Because many thought Obamacare might go away before it had to be implemented, many delayed taking steps towards giving it form, but that time, said Pricer, has ended. Hard deadlines are coming up over the next couple years and credit unions will be expected to know about them, he said.
Also from 2013 GAC:
- Feb. 27, 2013 We’ve Only Just Begun: NCUA, CFPB on Consumer Protections
- Feb. 26, 2013 Day 2 Slide Show: Speechifying and Gavel Passing
- Feb. 26, 2013 NCUF Gets $135,000 Gift From CUNA Mutual
- Feb. 26, 2013 Bachus Says Congress May Revisit Durbin, Dodd-Frank
- Feb. 26, 2013 Hensarling Stands by Tax Exemption
- Feb. 26, 2013 Day 1 Slide Show: Brokaw, Chatzky and Award Winners
- Feb. 26, 2013 Kids Add Zing to Wegner Award Winners
- Feb. 25, 2013 Tom Brokaw Promotes Public Service Academies
- Feb. 25, 2013 Chip Filson Announces NCUA Board Bid, Petition Drive
- Feb. 25, 2013 Matz Praises Agency’s Ability to Change With Times
- Feb. 25, 2013 CUNA Mutual Debuts AskAuto App at GAC
- Feb. 25, 2013 CUNA Survey Shows Room for Exam Improvement
- On Video: Shell Geismar CEO Has Tech Tools on His GAC Agenda
- On Video: Arizona State SVP Has Washington on His Mind
- On Video: Flying Freeborn to DC for GAC
- On Video: Halleck and Hiking the Hill
- On Video: Muniz’s Message to Washington
- Not for CEOs: Successful Succession Topic of GAC Talk