Companies Prepare for Healthcare Reform Act - WMBB News 13 - The Panhandle's News Leader

Companies Prepare for Healthcare Reform Act

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Bay County, Fla. -

The affordable Healthcare Reform Act, also known as Obamacare is a hot topic of conversation this election season.

If President Obama is re-elected, it will go into effect, but if Governor Romney wins, he says he will repeal it. In Bay County, an insurance consultant says she believes repeal is unlikely, so she's getting companies prepared just in case.

The Bay County Chamber of Commerce teamed up with the Clemons Insurance Company to host a seminar. Companies will have to be informed of the 13,000 pages of new requirements going into effect in the next two years.

Carol Taylor explained the changes to FSA contributions, new premium taxes and open enrollment.

"There are a lot of compliance issues that employers are going to be required to participate in and with that, they need to know what those items are. There are more coming; there are some already but it's just trying to educate everybody on the things that they have to do." Taylor says.

Taylor explains, if Republicans win enough senate seats to have a majority, she believes there's still a chance it won't be enough to repeal the health care act. She suggests all companies meet with a lawyer or consultant to familiarize themselves with potential changes.