WASHINGTON — It's time to face facts: Obamacare is coming at youand there is no rational reason to think it won't.
|That was the giant takeaway from a CUNA GAC breakout sessionoffered Tuesday by Brad Pricer, senior product manager for employee benefits at CUNAMutual Group.
|The U.S. Supreme Court in June ruled that the Patient Protection and Affordable Care Act isconstitutional, in a 5-4 decision authored by Chief Justice JohnRoberts.
|Add in the November election results and, said Pricer, the trainhas left the station and it is time for credit unions to look hardat what they need to do to ensure compliance with a law thatimposes 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 findtheir best options. He also pointed to a CUNA Mutual website that features detailed information as well asworksheets.
|The website, he said, is open to all credit unions, regardlessof their relationships with CUNA Mutual.
|Not offering healthcare coverage – and deciding to pay fines –is an option some businesses may decide is their most prudentoptions, said Pricer, but he stressed: “What impact would this haveon your competitive position as an employer of choice?”
|He indicated that he believed talented employees will be verymindful of their healthcare options in choosing where to work.
|A sweeping change in coverage that, said Pricer, is rewritingemployer health plans is a shift away from defined benefit plans towhat Pricer called defined contribution plans, where how much theemployer will pay, for what coverage, is central. Employees whodesire enhanced coverages may be offered opportunities to buy themat their own expense.
|Because many thought Obamacare might go away before it had to beimplemented, many delayed taking steps towards giving it form, butthat time, said Pricer, has ended. Hard deadlines are coming upover the next couple years and credit unions will be expected toknow about them, he said.
|Also from 2013 GAC:
- Feb. 27, 2013 We've Only Just Begun: NCUA, CFPB on ConsumerProtections
- Feb. 26, 2013 Day 2 Slide Show: Speechifying and GavelPassing
- 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 AwardWinners
- Feb. 26, 2013 Kids Add Zing to Wegner Award Winners
- Feb. 25, 2013 Tom Brokaw Promotes Public ServiceAcademies
- Feb. 25, 2013 Chip Filson Announces NCUA Board Bid, PetitionDrive
- Feb. 25, 2013 Matz Praises Agency's Ability to Change WithTimes
- 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 GACAgenda
- On Video: ArizonaState SVP Has Washington on His Mind
- On Video: Flying Freeborn to DC for GAC
- On Video: Halleckand Hiking the Hill
- On Video: Muniz'sMessage to Washington
- Not for CEOs: Successful Succession Topic of GAC Talk
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