How healthcare reform affects your business
Healthcare reform is in full swing now, with many of the major provisions in place. Under the Affordable Care Act (ACA), healthcare reform is giving you the opportunity to examine your healthcare 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 healthcare reform impact my decision whether to offer coverage?
- What employer requirements do I need to be concerned with?
- What are the costs associated with healthcare reform?
For large 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 healthcare 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.