In an effort to increase understanding of the tax and grandfathering provisions of healthcare reform, WellPoint has launched two new online tools to help business owners understand the implications of these provisions with their current health plan.
The interactive grandfathering tool is designed to help businesses better understand what grandfathering means, if they qualify for it, and what options are available to them with regard to their health plan.
"The grandfathering tool is another part of our commitment to help make healthcare reform work," said Marilyn McCullough, vice president of marketing for the largest health plan company in the Blue Cross and Blue Shield Association. "This tool will allow business owners to understand what grandfathering is, qualification parameters, and if it is potentially in their best interests to grandfather their current health plan. This tool can help businesses quickly and easily determine a course of action based on their current plan in an easy to use and understandable tool."
For the small business tax calculator and tax content, WellPoint is using a tool developed by The Tax Institute at H&R Block.
McCullough said the small business tax calculator "can help small business owners understand the tax credits they are qualified for and allow them to better control and anticipate their healthcare costs."
"It's WellPoint's hope that this resource will allow owners to focus on running a successful business and add some clarity as they navigate the healthcare system," she added.
The small business tax calculator will help clarify provisions of the law including the small business healthcare premium credit for qualified employers with 25 or fewer employees and average annual wages under $50,000 which took effect this year. It will also provide information on future requirements to provide employee coverage for full-time employees who work for businesses with 50 or more employees; employer penalties for not providing coverage when at least one full-time employee is enrolled in a subsidized healthcare plan set; and the excise tax on high-cost health plans, which applies to plans that cost more than $10,200 for an individual and $27,500 for a family.
"These tools will provide me with an easy way to communicate the financial impact that healthcare reform may have on my clients and to better communicate to them about grandfathering, and if it might be in their best interest," said David Berlinger, president of the West Coast Insurance Agency.
WellPoint's health plans are offered in 14 states, with more than 33 million members in affiliated health plans and more than 69 million individuals served through subsidiaries. Both the grandfathering and tax tools are available at www.wellpoint.com/healthcarereform.