BelmanInsuranceAdvisor.com Approves of President Obama’s Delay in the Implementation of a Major Requirement of the Health Care Law
New York, NY (PRWEB) July 03, 2013 -- Medium and large businesses are breathing a sigh of relief after news of the Obama administration’s unexpected move to delay implementation of key aspects of the healthcare reform until 2015, as reported by Reuters. The insurance industry is also wiping the proverbial sweat from their brow as the delay provides breathing room for the huge-scale restructuring to be implemented. BelmanInsuranceAdvisor.com believes that the upcoming changes will affect every aspect and product in the insurance industry from medical-payments on auto insurance policies to burial insurance for seniors.
Mark Mazur, the Treasury Department’s assistant secretary for tax policy said, “This (the delay) is designed to meet two goals. It will allow us to consider ways to simplify the new reporting requirements consistent with the law. Second, it will provide time to adapt health coverage and reporting systems while employers are moving toward making health coverage affordable and accessible." Formal, published guidance should be available soon. Following news of the delay, Belman Insurance Advisor advises the insurance industry to always actively be aware of any changes. Although there is a delay, Belman Insurance Advisor urges the industry to treat this as more preparation time for the upcoming changes. It leaves time to regroup, and to communicate upcoming changes with clients.
The senior staff writer for BelmanInsuranceAdvisor.com can be quoted as saying, “When the insurance changes take place I, as a policyholder, want the transition to be smooth. I want the insurance industry to take this allotted time to do good by the people they insure and figure it all out so we don’t get the short end of the stick when it comes to prices, coverage, and customer service.”
By law, businesses with fifty or more employees would have to provide healthcare insurance by 1/1/2014 or face heavy penalties. While the delay provides fodder for partisan bickering, the insurance industry as a whole must maintain a united stance moving through these changes. The delay until 2015 allows time for the insurance professionals to revamp, regroup and restructure. Additionally, it provides more opportunity to communicate with clients and keep them abreast of changes.
BelmanInsuranceAdvisor.com supports the Obama administration’s decision to delay implementation of a major aspect of the healthcare reform, and believes it will give the insurance industry the much-needed opportunity to reorganize itself so that it may comply with the legislative changes.
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Belman Insurance Advisor, BelmanInsuranceAdvisor.com, (708) 320-8567, [email protected]
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