10 Affordable Care Act Questions Your Small Business customers ask

10 Affordable Care Act Questions Your Small Business customers ask -

Many Americans, including small business owners are still confused about how the Affordable Care Act (ACA or aka Obamacare) impact them. As such, the health insurance brokers and agents are a go-to resource companies always about health care reform for small.

Here are ten common questions small business customers about the ACA.

10 Affordable Care Act Questions Your Small Business Clients ask

1. Does our business to the health insurance for employees?

No business "has" to provide health insurance for employees offer. However, if larger a company not a minimum level of coverage to full-time employees, they can pay a penalty. The fines begin in 2015 for companies with more than 100 full-time equivalent (FTE) employees and by 2016 not for companies with 50-99 employees FTE.

See: Quick guide for the calculation of the employer shared responsibility charges in 2015

2 . How can we calculate our number FTE?

a client determine to help when they are subject to the employer shared responsibility fee (also known as an employer mandate), they need to determine their number, generally FTE.

, a full-time employee is defined as working at least an average of 30 hours per week in a given month. But for the purposes of determining whether a company is an applicable large employer, the employer must include all full-time employees, full-time equivalent of the part-time workers.

to calculate the FTE, the part ~~ POS = TRUNC, add the number of hours that the part ~~ POS = TRUNC and divide the total by 0. The total number of full-time workers and full-time equivalent of participate ~~ POS = TRUNC is the number used to determine whether a company is working an applicable large employer.

3. How does the ACA change small group health plans?

Customers who offer a fully insured small group health plan, the impact on their health coverage in two ways can be seen. First, new taxes are rising premiums on average. Second, new plan and reporting requirements affect plan design, plan benefits and costs

See:.? are affected How Small Group Health Plans from ACA

4. Are small group health plans in the years 2014 and 2015 to be more expensive?

It really depends on the economy, the current range and its staff demographics. However, on average, most small businesses are expected to begin to higher premium costs with their 2014 plan renewal date.

5. Is there financial support when we offer insurance continue decide Group Health?

Small businesses that do offer group health insurance, for the Small Business Health Care Tax Credit into consideration. an average wage of less than

• Be an employer with fewer than 25 full-time equivalent (FTE) employees and
• numbers: In order to qualify, the tax credit, the employer must meet these three criteria $ 50,000 per year per employee and
• at least half charged (50%) of the employee health insurance premiums (for only full-time equivalents)

See: Small Business Health Care Tax credit FAQs - 2014

6. What other options are there, next to a group health insurance?

Small businesses a new alternative health are quickly called acceptance "Pure" defined contribution health benefits. Using this approach, small businesses are falling group health insurance and submit a plan of the device to the employee for the cost of individual health insurance.

should

Small businesses operate a tax-free, pleasing set repayment plan with their broker and a Defined Contribution Provider -., Since these types of programs must comply with various regulations, including new market reforms of the ACA

7. If our company does not offer health insurance, my staff required to buy coverage and there is a state aid?

Yes. From 1 January 2014, all persons must, "qualified" to buy health insurance. If they do not, they may be subject to a tax penalty of either $ 95 or 1% of household income (for one person), whichever is greater.

Most employees for health insurance tax subsidies into consideration. This substantial rebates are to pay for individuals with incomes up to 400% of the poverty level (~ 95,000 for a family of four in 2014), for individual health insurance.

Download a PDF Guide for an overview of the health insurance tax subsidies

qualify 8. Our employees for health insurance tax subsidies. How can we ensure that they have access to them?

Small businesses can indicate the health insurance tax subsidies access, do not offer group health insurance by the employee.

9. When can employees apply for individual health insurance?

Employees can during the annual open enrollment period for individual health insurance sign, or during a special enrollment period if they have a legitimate life event.

, the next open enrollment period is November 15, 2014 to February 15, 2015

to qualify an employee for a special enrollment period if the corporate group health insurance decreases or if another triggering event such as marriage, birth of a child, moving permanently to another area, or if their income changes significantly

. See: as new employees, individual health plans purchase outside the open enrollment

10. How does health reform impact my health if I am self-employed?

is from 2014 self-employed access to the small group who market and with guaranteed issue individual health insurance policies. Self-employed are still able tax deductions for premiums on their individual 1040.

have: If you have a health insurance broker what ACA issues have you heard of the small business customer?

Tweet