The Obamacare rules are different for small businesses than they are for larger employers. Are you up to speed on how the Affordable Care Act (aka Obamacare) impacts small businesses and employees? Take this brief Obamacare quiz to find out, then keep reading for additional resources.
Quiz - Obamacare Rules for Small Businesses
Obamacare Resources for Small Businesses
How did you do on the quiz?
Whether you're an ACA whiz or you need a bit of a refresher, here are seven Obamacare provisions all small businesses should know about - with links to resources to learn more.
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If you do not have health insurance coverage you will likely pay a penalty at tax-time, called the Individual Shared Responsibility Fee or Individual Mandate.
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There are new options for purchasing health insurance through the Health Insurance Marketplaces.
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Most employees are eligible for significant discounts on health insurance, called Premium Tax Credits. In addition, Medicaid eligibility has expanded in many states.
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Individual health insurance has new advantages. For example, you cannot be turned away or charged or more because of a pre-existing medical condition and all health insurance plans cover essential health benefits.
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Small businesses (with fewer than 50 employees) are not required to offer traditional health insurance. The ACA’s “Employer Mandate” does not apply to small businesses.
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There are new reporting requirements for employers of all sizes.
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Because of the new advantages of individual health insurance, many small businesses are transitioning employees to individual health insurance, and helping with a premium reimbursement arrangement.
Conclusion
By mastering a few key Obamacare rules, you can feel confident in how the new health reform law impacts your business, your employees, and your bottom line. And, savvy business owners will use the new Obamacare rules to offer more affordable health benefits.
What questions do you have about Obamacare rules? How did you do with the quiz? Leave a question below.
