Nearly 100 business owners attended the Town of North Hempstead’s free two-hour presentation on the Affordable Care Act (ACA) on Friday, Sept. 27 at the Harbor Links Club House in Port Washington.
The event is part of the Town’s Business and Tourism Development Corp.’s (BTDC) ongoing seminar series, and was kicked off by introductions from the BTDC’s program director Louise Fishman and town economic development specialist, Roy Smitheimer.
The seminar focused primarily on the details of the Affordable Care Act (ACA), and explained to employers and business owners what they need to know in order to comply with the new law.
Commonly known as “Obamacare,” the Affordable Care Act is a federal statute that was signed into law on March 23, 2010. Together with the Health Care and Education Reconciliation Act, it represents the most significant regulatory overhaul of the country’s healthcare system since the passage of Medicare and Medicaid in 1965.
The New York State Health Benefits Exchange that allows residents to shop for health insurance in compliance with the ACA, launched this past week on Oct. 1.
The ACA aims to increase the quality and affordability of health insurance, lower the uninsured rate by expanding public and private insurance coverage, and reduce the costs of healthcare for individuals and the government. The ACA provides a number of mechanisms—including mandates, subsidies, and insurance exchanges—intended to increase coverage and overall affordability.
Several guest speakers were also in attendance to help explain the ACA. Kenneth B. Laks, tax principal at Albrecht, Viggiano, Zureck & Company, P.C. explored the tax implications of the law. Eric Dielman, employee benefits specialist at PayPro Management Workforce Solutions, detailed the ACA’s requirements for businesses with 50+ full-time employees. Kyle Sloane, senior vice-president of insurance services at Newtek Insurance Agency, focused on the requirements for businesses with less than 50 full-time employees.
More information on the ACA can be found at the BTDC’s official website at www.btdc.biz.