Beauty Store Business

JUN 2013

For beauty business news, beauty store owners turn to Beauty Store Business. Beauty business trends, beauty business profiles and more!

Issue link: http://beautystorebusiness.epubxp.com/i/127011

Contents of this Issue

Navigation

Page 45 of 79

for attracting talent in the future," says Stich. "In our surveys, only 1% or 2% of employers say they will not provide health-insurance coverage." Carriers Involved The success of the federal Affordable Care Act will depend on the cooperation of insurance companies. Will these insurance companies actually come through with competitive offerings in the statewide exchanges? So far the feedback is positive. "Insurance carriers want to offer coverage in the exchanges," explains Robert Zirkelbach, spokesman for America's Health Insurance Plans. "Our members have made significant operational changes and responded to the new rules and regulations. Carriers are doing everything they can to be ready when open enrollment begins in October." Other sources agree. "Health-insurance carriers have generally been cooperative and have put forth a number of ideas to make the exchanges successful," says Shawn Nowicki, director of health policy at Northeast Business Group on Health. "They are likely to participate because of the huge new market opportunity. The law may account for some 16 million new covered individuals nationwide." ACT NOW What steps should you take today? Start getting up to speed on the opportunities and requirements of the new law. Then take steps toward compliance. "Now is the time to get some education," says Nowicki. "Meet with your broker or health-insurance adviser and learn what is coming down the pike from the perspectives of benefits and taxes." Employers need to take a look at their current health-insurance plans and make the changes required to be in compliance. Then communicate these changes to employees and revise the plan descriptions and handbooks. As for the decision whether to continue or drop coverage altogether, you will need to tackle that one before the end of this year. The so-called "play or pay" provision will activate in 2014. That means employers with more than 50 employees must either offer health insurance with minimum requirements or pay a fine. You will need to determine if your organization FANTASIA ® The Original Creator of Hair Polishers ...can't be Outshined! Insist on only original Fantasia Hair Polishers. A shine so bright... you'll need sunglasses! HAIR POLISHERS • Daily Hair Treatment • Heat Protector • Olive Moisturizer • Color and Chemically Treated Hair • Carrot Growth Serum Fantasia Industries Corporation © 2011 ¥ Made in USA fantasiahaircare.com 44 June 2013 | beautystorebusiness.com falls over the 50-employee threshold. That can be more difficult than it seems. You will need to calculate how many casual, parttime and seasonal individuals fall into the category of "full-time equivalent" employees. The federal law is very much a work in progress. The federal government will continue to issue regulations that interpret the law for real-world operations. State governments will jockey to set up exchanges of various kinds or opt to let the federal government do the job. Finally, organizations competing for your employees may or may not set up attractive health-insurance programs. Perhaps the only thing that's certain is that change is on the way. Now's the time to get a handle on how the marketplace is changing. Then design a health-insurance program that maximizes employee satisfaction while minimizing cost. ■ Phillip M. Perry is a New York City-based freelance writer.

Articles in this issue

Links on this page

Archives of this issue

view archives of Beauty Store Business - JUN 2013