While Congress continues to fight about the Patient Protection and Affordable Care Act (aka Obamacare), many credit union managers wonder whether they should be concerned about the requirements of the act.
Though the U.S. Department of Labor probably won’t start enforcing penalties right away, it’s still a good idea to comply to avoid fines in the future.
Here are some examples of violations that could result in $100/day fines for your credit union:
- Failure to provide coverage to dependents age 26 and younger
- Denying coverage based on pre-existing conditions
- Canceling or discontinuing coverage retroactively
- Failure to cover preventative care services required by the act
- Failure to provide a revised appeal process for people to challenge a claim denial
- Requiring that employees be pre-authorized for emergency room visits
- Requiring employees to visit specific primary care physicians
- Failure to follow new out-of-pocket costs required by the act
- Requiring employees to wait more than 90 days to be eligible for coverage
Of course, these are just examples of some of the infractions that could end up costing your credit union money. To learn more about how to comply with Obamacare, check out this article from our friends at Credit Union Times or download the Department of Labor's self-compliance checklist.