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What Do I Do About Obamacare? A Guide for Small Businesses

: WHAT DO I DO ABOUT : OBAMAČARE? A GUIDE FOR SMALL BUSINESSES WHAT IS INSURANCE EXCHANGE? Employers can purchase employee insurance in a controlled marketing, giving them the same buying power as larger firms. As an employer you get side-by- side comparisons of Qualified Health Plans, benefits, costs, and quality. HOW DOES THE SHOP EXCHANGE WORK? Sign up & create a new account Apply for eligibility Enroll your employees Pick a healthcare plan WHAT DOES IT MEAN FOR SMALL BUSINESS OWNERS? Eligible as an individual SELF EMPLOYED An FTE is employed on average at least 30 hours of service/wk over a given month SMALL BUSINESS How many FTE employees? Not sure? . OWNER W/MULTIPLE EMPLOYEES The number of people you employ is your number of FTES Part time workers? ON 25 OR LESS Add up all employee hours in one year, then divide by 2080. YES 26 - 46 Eligible, but not required to sign up for the health exchange and offer Obamacare Insurance. You can also get tax credits for paying employee Eligible, but exempt from the "Employer Mandate" to sign up for the health exchange and offer Obamacare. Not eligible for tax credit. premiums. >50 How do I qualify for the tax credits? MUST provide insurance coverage from 2016: or be subjected to a penalty fee Gross annual > NO revenue of What do I get? $50,000-? Pay for at least 50% of emplovee YES insurance Small business with «10 employees & «$20,000 in average annual wages qualify for a 35% tax credit for You don't need to do anything premiums Offering coverage? Notify employees about the new Health Insurance 2010-2013 and 50% Workers must earn $50,000/yr. starting 2014 NO Marketplace Must purchase Small business with 25 FTE can apply for tax breaks of up to 35% of their contribution to employee premiums insurance on the Inform employees they may be eligible for a tax credit if they purchase insurance through the Marketplace Exchange for 2 Can choose to buy coverage in the Exchange years. There is no penalty NO If they purchase insurance through the YES Marketplace, they may lose the employer contribution lif anyl to any health benefits plan offered by the employer Can buy coverage in the Exchange & receive premium tax credit Does any employee pay more than 9.5% of Does the insurance YES pay for at least 60% of typical health care expenses? YES tamily income for their employer coverage? NO If you don't buy coverage for your employees, you ll be paying $2,000-3,000/yr. for each FTE, depending on whether or not they received tax credits. This number will increase annually When you buy Can choose to buy coverage in the Exchange coverage. OTHER QUESTIONS IF I HAVE <50 FTE EMPLOYEES, CAN I GET A PENALTY? HOW DO I NOTIFY MY EMPLOYEES ABOUT OBAMACARE AND THE EXCHANGE? NO. You must have 50+ FTE employees for the penalty to apply Sample notices, if you offer insurance: www.dol.gov/ebsa/pdf/FLSAwithplans.pdf If you don't offer insurance: www.dol.gov/ebsa/pdf/FLSAwithoutplans.pdf WHAT IF I DON'T NOTIFY MY EMPLOYEES DO I NEED TO FILE SOMETHING TO PROVE THAT I HAVE LESS THAN 50 EMPLOYEES? ABOUT OBAMACARE OR THE EXCHANGE? Currently, per the DOL, there is NO FINE for noncompliance NO, but keep a record CAN I OFFER BETTER INSURANCE FOR EXECS, OR INSURANCE TO SOME CAN I JUST CUT HOURS ACROSS THE BOARD SO NONE OF MY EMPLOYEES ARE FULL TIME? EMPLOYEES AND NOT TO OTHERS? NO, starting 2014, if a business' employees work an equivalent of 50 FT hours, the requirement kicks in For now, YES WHAT ABOUT PART-TIMERS OR ARE THERE FEE INCREASES? SEASONAL WORKERS? Part-timers under 30 hours and seasonal employees (120 days or less per year) Annual fee of $63 for small business owners to be decreased until 2017. This is for existing pre-conditions. DO NOT COUNT. Sources: ketp/ouw.sba gou/heathcare ketps/www.heakhcaregow'small-businesses ketp://obamaca refacts.com/oba macane-smalusiness.php http://pa yroll.intuk.com/npport/b/2001632.html http://www.irs.gowac/Affordable-Care-Aca-Tax-Prouisions-for-Smal-Employers http:/howwapsa.org/portals/1/docs/advocacy/HealthkeformaffectonSmaliBusiness.pdf

What Do I Do About Obamacare? A Guide for Small Businesses

shared by gryffin on Apr 15
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No need to further question what Obamacare can do! Learn the truth about our president's insurance and decide where plan is right for you and/or your small business.

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