Third in a series on the effects of changes for employers and
individuals
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
An overview of what health care reform will cost and who is expected to
foot the bill is the focus of Unum’s (NYSE:UNM) latest guide
to health care reform.
“The employers, benefits brokers and individuals we serve are eager to
have clear, objective explanations of how these changes will affect
their businesses, their families and their bottom lines,” said David
Brenerman, vice president of Government Affairs for Unum.
“Though the financial protection benefits Unum provides won’t be
directly affected by health care reform, we hope that by offering
information and guidance we can help give our partners confidence that
they are making informed decisions about employee benefits.”
Included in the guide are explanations of financial changes that will
roll out over the next several years, such as:
-
A 40 percent excise tax that will apply to some health-related coverage
-
The exemption from this tax of non-medical benefits including life,
disability, vision, dental, long term care and accident coverages
-
New limits on how much employees can put into Flexible Spending
Accounts and what they can use those tax-exempt funds to purchase
-
Tax credits for small businesses designed to make coverage more
affordable
-
Penalties for employers that do not offer coverage
The guide offers a clear timeline of when changes will take effect and
outlines their effects on employers and individuals.
“The Patient Protection and Affordable Care Act will bring health
benefits to millions of uninsured Americans, but it will require $940
billion dollars in funding over the next 10 years,” Brenerman said.
“It’s important that we understand – and help our partners understand –
exactly who will pay that bill.”
This guide is the third in a series produced by Unum.
In May, the company produced a guide
explaining the Community Living Assistance Services and Supports (CLASS)
Act, a national voluntary plan that offers a minimal long term care
benefit. In June, Unum produced a guide
that details important changes to health care coverage and the
requirements reform will bring.
About Unum
Unum (www.unum.com)
is one of the leading providers of employee benefits products and
services in the United States and the United Kingdom. Through its
subsidiaries, Unum Group paid approximately $6 billion in total benefits
to customers in 2009.
Source: Unum
Contact:
Unum
Mary Fortune, 423-294-6368
mfortune@unum.com