It may also be safe to say that you don’t completely understand it and the implications it imposes on your small business, including health insurance requirements for your employees. We would like to simplify it for you.
The Patient Protection and Affordable Care Act (Affordable Care Act or ACA) created several health insurance reforms that were designed to ensure that all Americans have access to quality, affordable health insurance.
The ACA requires that all employers with 50 full-time equivalent (FTE) employees or more must offer health insurance to full-time workers or pay a penalty. If you have less than 50 FTE employees, you are not required to provide health insurance.
Although it’s important to understand its implications, you may be surprised to learn that ACA doesn’t affect as many businesses as you might think. According to obamacarefacts.com,
The SHOP Marketplace - an online health insurance exchange - is open to employers of 50 full-time employees or less. Insurance plans in the Marketplace are offered by private companies and cover the same essential health benefits. No plan can turn you away or charge you more because you or your employees have an illness or medical condition. The idea is that pooling insurance risks will increase small business purchasing power, provide more choices for them, and simplify the paperwork.
Insurance plans in SHOP are available through insurance brokers – like American Insuring Group - at no additional cost to you.
2) Health Tax CreditsACA offers incentives to small businesses that employ less than 25 full-time low- and moderate-income workers. Credits may be worth up to 50 percent of an employer's insurance premium costs – helping to offset the cost of providing health insurance coverage for employees.
To qualify for the tax credit…
3) Reporting and Notifications
The IRS has implemented new ACA-reporting requirements that small business must follow. Some businesses…
Contact American Insuring Group at (800) 947-1270 or (610) 775-3848. We can help you: