FMSI Publishes Obamacare Article in BAI Banking Strategies
By W. Michael Scott
April 24th, 2013
BAI Banking Strategies Article: Avoiding the Sting of Obamacare
"When the Patient Protection and Affordable Care Act (ACA; also known as Obamacare) is fully implemented at the start of 2015, it will likely impact how most banks staff their branches. Although the mandates regarding the ACA are clear, the rules surrounding it are confusing, at best.
Bank management may have heard that the ACA will require banks of a certain size to provide “affordable” health care coverage to their full-time employees or face punitive, federally imposed excise taxes – officially called the Employer Shared Responsibility Payment; referred to here as “penalties.” However, they may not understand upon what metrics the decision is based and they may also be unaware that, for the purposes of the ACA, many employees formerly considered “part-time” by bank management will now be deemed full-time employees."