Be aware of the Requirements for employers for Obamacare. Here are a few for employers:
- Fewer than 50 employees - no big obligations
- Maybe eligible for tax credit if under 25 employees and wages average less than 50,000 annually
- 50 or more employees must cover at least 60% of covered expenses for a typical person not costing employee more than 0.5% of their household income
- Annual reporting
Businesses can buy inside or outside the
Affordable Insurance Exchange. There will be Pros and Cons with using the Exchange. It can be overwhelming to a business owner. Many changes all at one time is hard to get used to.
Business owners will need to seek professional help from an insurance advisor, and most likely, a CPA, who has a clue about the healthcare law changes. If the group is large enough, 50 or more employees, there can and will be penalties if you don't comply with the changes. Check out this
flowchart from Kaiser Family Foundation.
Butch Zemar