How health care reform affects your business
Health care reform is in full swing now, with many of the major provisions in place. Under the Affordable Care Act (ACA), health care reform is giving you the opportunity to examine your health care strategy and keep your organization ahead of the curve. To make the right decisions for your business, you’ll need answers to key questions such as:
- How does health care reform impact my decision whether to offer coverage?
- What employer requirements do I need to be concerned with?
- What are the costs associated with health care reform?
For larger businesses
While the ACA doesn’t officially define a large business, you may be required to help share the cost of health insurance if you have 50 or more full time employees. If your business meets this definition, you can either offer health insurance that meets certain guidelines or face paying potential tax penalties.
For small businesses
Under health care reform, businesses with 50 or fewer full-time-equivalent employees aren’t required to offer health insurance and are not subject to potential tax penalties. If you choose to offer coverage, small business exchanges and financial assistance will be available to make this easier. If you choose not to offer coverage, your employees will still be able to buy individual coverage.
If you need help navigating the waters of health care reform and what it means for your business, contact one of our agents today.