need Small business owners to understand their requirements under the new health law, the affordable Care Act (ACA) and savvy entrepreneurs take advantage of the ACA better to offer, affordable employee health benefits. There are four important aspects need to know all the small business owners.
1. Small businesses are mandatory non traditional health insurance quote
The employer shared responsibility provision, which is also known as ESR or the employer mandate the requirement for larger companies to offer health insurance for either employees, or pay a fee if / when an employee buys subsidized health insurance through the Marketplace.
employers ACA shared responsibility does not apply to small businesses with fewer than 50 employees. There are no tax penalties for companies with fewer than 50 full-time employees that do not provide health insurance.
2. New reporting requirements for businesses of all sizes
Although small businesses are exempt from the employer shared responsibility, there are fees new ACA reporting and compliance requirements that may apply (or not). These requirements depend on the number of employees you have, and the kinds of health benefits that you currently offer (if available). For example:
PCORI / CE Plan Fees: If you have a Health Care Reimbursement Plan (HRP) or another type of self-financed (or self-insured) health plan, you are required, the patient-Centered outcomes Research Institute (PCORI) to pay fees
high earners Medicare payroll taxes .: From 2013 employees over $ 0,000 per year ($ 250,000 for joint filers) earn higher Medicare hospital insurance in 2013. the new tax rate is 2.35% (an increase of 0.9%) of the applicable wages that these thresholds, as a worker earn begin (HI) must pay taxes $ 300,000 a year pay HI tax of 1.45% on $ 0,000 plus 2.35% to $ 100,000. There is no change in the employer's share of the HI control. Read more about how companies need accounting for these employees to adjust.
If your small business currently provides health benefits, it can be, additional reporting or schedule changes you must make to comply with the ACA. Check out this comprehensive healthcare reform compliance checklist.
3. Small businesses have access to the marketplace SHOP
The developed Affordable Care Act (ACA) to provide the Small Business Health Options Program ( "SHOP marketplace") with more choice small businesses for their health plan. But still the SHOP marketplace is not working for small businesses. Small businesses hoped the SHOP market them affordable help health benefits that the employee would provide value. But instead .:
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The competition is low in the SHOP Exchanges (ie in most states, there is little choice for employees, and little competition to reduce costs)
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premiums cost more in the SHOP market than on the individual health insurance market (ie the premium cost is still prohibitive for most small businesses).
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are premium subsidies only in the individual exchanges (ie more cost incentive, employees on the individual market to send).
4. Small businesses are dropping group health insurance to pay for assistance to individual coverage
group health insurance costs are prohibitive for small businesses. Due to the new advantages of the individual health insurance, many small business employees have individual health insurance is a transition, and to help with a premium refund plan. Given that small enterprises are subject to the ESR, this is an attractive option for both entrepreneurs and their staff
With this approach, companies give employees a tax-free allowance in healthcare spending on individual health insurance. - To acquire rather than a group health insurance. Employees have to purchase their health allowance an individual health plan of their choice and the right ones, the premium can access tax credits.
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