The Affordable Care Act, also known as the ACA or Obamacare, represents one of the biggest changes to health insurance for both employers and employees. And, while the major provisions are now fully in effect, many owners and HR professionals still feel unsure about how the law impacts their business, their employees, and their family.
Last week, we wrote an article featured on DentistryIQ outlining 7 tips for dentists - and all small employers - to understand how the ACA impacts small dental practices.
Here are highlights from the recent Zane Benefits blog feature.
Article Highlights - 7 Quick Affordable Care Act Tips
1. If individuals do not have health insurance coverage, they will pay a penalty at tax time called the Individual Shared Responsibility Fee.
2. There are new options for purchasing health insurance through the Health Insurance Marketplaces.
3. When purchasing individual health insurance, most employees are eligible for significant discounts on health insurance, called premium tax credits.
4. Individual health insurance has new advantages. For example, individuals cannot be turned away or charged more because of a pre-existing medical condition, and all health insurance plans cover essential health benefits.
5. Small employers (fewer than 50 employees) are not required to offer traditional health insurance. The ACA’s “Employer Mandate” does not apply to small employers.
6. There are new reporting requirements for employers of all sizes.
7. Because of the new advantages of individual health insurance, many small dental practices are transitioning employees to individual health insurance and providing a contribution through a premium reimbursement program.
The article can be accessed via DentistryIQ’s website and is a helpful resource for Dentists to get a handle on Affordable Care Act requirements and opportunities.
DentistryIQ provides dental professionals worldwide with a comprehensive collection of information on what is happening in the dental industry. The DentistryIQ feature titled, "Wise-up Wednesday: Affordable Care Act facts all dentists need to know" helps dental practices understand the ACA.