In anticipation of what the election could mean for the ACA, the International Foundation of Employee Benefit Plans (IFEBP) in Brookfield, Wisconsin recently released a new survey report on the impact of the ACA. They found that 78% of employers would like to keep some of the mandated changes brought on by the ACA, even if it were to be repealed. However, new legislation would have to be written to maintain these changes. Employers mostly wanted to keep these provisions, as they noticed a positive impact on their employees’ physical, financial, and emotional well-beings as a result:
- The elimination of pre-existing condition exclusions
- Coverage of adult children through the age of 26
- Increased wellness incentives
- No cost-sharing for preventative care
At the IFEBP’s recent Washington Legislative Update event, they announced three possible scenarios for the ACA as a result of the November election:
- If the Republican nominee is elected and the Republicans keep control of Congress, the ACA will be repealed. A tax reform and regulatory rollback will accompany this. Democrats will have the option to filibuster to contest any of their changes, but the majority vote from a Republican Congress would pass any measure related to spending and revenue.
- If the Democratic nominee is elected and the Democrats take control of Congress, the ACA will stay, but it’s probably necessary fixes will be passed through the budget reconciliation process.
- If the Democratic nominee is elected but the Republicans keep control of Congress, the likely result is “more of the same gridlock” barring a related crisis, like health insurers abandoning public exchanges.
- If a 3rd party nominee is elected, well, we're not sure what will happen because our source didn't explore that option.
But, regardless of the result of the November 2016 election, it’s still required to have your 2015 ACA return e-filed by the end of this month - by 11:59 p.m. on June 30, 2016. You can e-file your return quickly and easily with ExpressIRSForms! If you have any questions, feel free to give us a call Monday through Friday, 9:00 a.m. to 6:00 p.m. EDT, at (704) 684-4751. We’re also available 24/7 at support@ExpressIRSForms.com.
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