Five Conversations You Should Be Having About the Cadillac Tax

Recorded on February 24, 2016

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The Affordable Care Act includes an excise tax on benefits plans that are over a certain threshold, and the Kaiser Family Foundation estimates that 46% of large organizations will have at least one plan that exceeds that threshold by 2020. If your organization hasn’t assessed your exposure to the Cadillac Tax, there are some conversations you should be having:

  1. Your CFO needs to know what’s coming. Do you know your organization’s exposure? You can help the CFO’s office by offering strategies that can minimize the impact.
  2. Everyone in HR and Benefits needs to understand the organization’s plans. Approximately 80% of employees may be over-insured. Education and communication are the best way to help employees choose the best plans for their needs, and that information comes from the HR/Benefits team.
  3. Each employee’s choice is important. Engaging employees in the plan selection process, rather than letting them make a passive choice, means additional savings for both employee and organization.
  4. Engagement at the employee level is vital. Understanding things like how to use an HSA can make employees into evangelists.
  5. Shareholders and Board Members should know how the organization is planning to succeed. Having a plan to reduce exposure shows forethought, and can make HR into a hero.

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