Affordable Care Act: What does it mean for you?

Affordable Care Act

Starting in the beginning of 2014, almost all of the new regulations related to the “Affordable Care Act” will go into effect. The regulations range from increases in taxes to required health-care insurance for full time employees for businesses over a certain size. The definition of full or part time employment will even change.

Here are some examples of the new terms being used concerning small business and the Affordable Care act:

• Affordable Insurance Exchange: a new transparent, competitive insurance marketplace where individuals and small businesses can purchase affordable and qualified health benefit plans. The Marketplace for small employers, known as the Small Business Health Options Program (SHOP), and the Individual Marketplace for consumers and those who are self-employed, will open in all states on January 1, 2014
• Employer Shared Responsibility:  Under this provision, beginning in 2014, business owners with at least 50 full-time or full-time equivalent (FTE) employees that do not offer health coverage to their full-time employees may be subject to a shared responsibility payment under the healthcare law (including the federal health care fraud help). A full-time employee is generally one who is employed an average of 30 ormore hours per week. Businesses with fewer than 50 full-time or FTE employees are generally not affected by these provisions.
• Wellness Programs:  a program intended to improve and promote health and fitness that is typically offered through the workplace, although insurance plans can offer them directly totheir enrollees. The program allows employers or plans to offer employees premium discounts, cash rewards, gym memberships, and other incentives to participate. The Affordable Care Act creates new incentives to promote employer wellness programs and encourage opportunities to support healthier workplaces.

If you own a small business and have not explored your options available under the Affordable Care Act, contact the Tampa business law attorneys at the Moon Law Group today for an ACA business review at 813-200-7255.