{"id":7314,"date":"2013-09-06T11:26:45","date_gmt":"2013-09-06T11:26:45","guid":{"rendered":"https:\/\/affinityhrgroup.com\/2019\/05\/health-care-reform-for-small-businesses-october-2013-update\/"},"modified":"2013-09-06T11:26:45","modified_gmt":"2013-09-06T11:26:45","slug":"health-care-reform-for-small-businesses-october-2013-update","status":"publish","type":"post","link":"https:\/\/theworkplaceadvisors.com\/health-care-reform-for-small-businesses-october-2013-update\/","title":{"rendered":"Health Care Reform for Small Businesses – October, 2013 Update"},"content":{"rendered":"

Having celebrated its third birthday this past March and the one-year anniversary of the Supreme Court decision upholding the law this past June, the Affordable Care Act continues to be a work in progress.\u00a0 To help you keep up with the requirements under the Act, this article will provide an overview of the topics most relevant to small businesses based upon the information available today.<\/p>\n

Providing Health Coverage<\/strong><\/p>\n

No employers are required to provide health coverage under the Act.\u00a0 However, employers with 50 or more employees may be subject to penalties if they do not offer health coverage or if they offer coverage that does not provide a minimum level of coverage by January 1, 2015.\u00a0 If you have more than 50 employees, you should consult a tax or benefit advisor to determine the best approach for you and your employees.\u00a0 Under the Act, small employers are not required to provide any health coverage or to pay any penalty.\u00a0 They should, however, consider how a decision to provide, or not provide, health coverage will impact their ability to attract and retain employees.<\/p>\n

Small Employer Tax Credit<\/strong><\/p>\n

If your small business has fewer than 25 full-time equivalent employees, pays an average annual wage below $50,000 and contributes at least 50% toward employee-only health insurance premiums, you may be eligible for the small employer tax credit that went into effect in 2010.\u00a0 A tax credit of up to 35% was available to offset the costs of insurance for tax years 2010, 2011, 2012 and will again be available for 2013.\u00a0 The credit amount will increase to 50% in 2014, and will only be available to qualified small employers who participate in the Small Business Health Options Program.\u00a0 The tax credit of up to 50% may be claimed for two consecutive tax years starting with 2014.<\/p>\n

Small Business Health Options Program (SHOP)<\/strong><\/p>\n

Available to small employers with 50 or fewer full-time equivalent employees, the Small Business Health Options Program (SHOP) is a marketplace for buying health insurance.\u00a0 The marketplace allows small employers to pool their risk.\u00a0 This is anticipated to result in plans offering greater coverage options at a lower cost.\u00a0 Employers can start enrolling in SHOP as early as October 1, 2013 for coverage starting as soon as January 1, 2014.\u00a0 To be eligible, employers must offer coverage to all full-time employees (generally those working an average of 30 hours or more per week).\u00a0 Some states require a minimum percentage of full-time employees to enroll in the plan.\u00a0 Information about SHOP may be found online at www.healthcare.gov<\/a> or small business owners with 50 or fewer employees may call 1 800 706 7893 (TTY users: 1 800 706 7915) Monday through Friday 9 a.m. to 5 p.m. EST.\u00a0 Your insurance broker should be a good resource for you as well.<\/p>\n

Requirement to Notify Employees of Health Insurance Marketplace<\/strong><\/p>\n

Do you have at least one employee and at least $500,000 in annual volume of business?\u00a0 If the answer is yes, your small business must meet the notification requirements for the Health Insurance Marketplace.\u00a0 This includes providing notice that the Marketplace exists, that employees may be eligible for a tax credit if they purchase coverage through the Marketplace and that employees may lose the employer contribution to their premium if they purchase coverage through the Marketplace.\u00a0 Covered employers must provide the notice to all current employees by October 1, 2013.\u00a0 Sample notice letters may be found on the Department of Labor website.<\/p>\n

Summary of Benefits and Coverage Disclosure<\/strong><\/p>\n

If your small business provides a health insurance benefit to employees, a new requirement went into effect for open enrollment periods that started after September 22, 2012.\u00a0 Under the Act, employers must distribute a uniform summary of benefits and coverage (SBC) form explaining what the plan covers and associated costs.\u00a0 You should be able to get this form from your insurance agent.\u00a0 Samples of the form may also be found on the Department of Labor website.<\/p>\n

\u00a0\u201cPlay or Pay\u201d Delay<\/strong><\/p>\n

While the mandate that individuals have health coverage as of January 1, 2014 or be subject to a penalty remains in effect, the mandate that large employers offer health coverage that provides a minimum value or pay a penalty has been delayed for one year.\u00a0 The large employer \u201cplay or pay\u201d mandate will not go into effect until January 1, 2015.<\/p>\n

What Else Do I Need to Know?<\/strong><\/p>\n

Remember, the Affordable Care Act passed in 2010 and many provisions have already gone into effect. If you have not evaluated requirements under the Affordable Care Act and how they may impact your small business, consider talking with an accountant, benefits specialist, broker and\/or attorney.\u00a0 You may also want to visit www.healthcare.gov<\/a> and www.sba.gov<\/a> for additional information.\u00a0 Or contact me at Affinity HR Group, LLC (staci@affinityHRgroup.com<\/a>).<\/p>\n

By Staci Bloomberg, Executive Compliance Consultant with Affinity HR Group<\/p>\n","protected":false},"excerpt":{"rendered":"

Having celebrated its third birthday this past March and the one-year anniversary of the Supreme Court decision upholding the law this past June, the Affordable Care Act continues to be a work in progress.\u00a0 To help you keep up with the requirements under the Act, this article will provide an overview of the topics most […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7314","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"aioseo_notices":[],"yoast_head":"\nHealth Care Reform for Small Businesses - October, 2013 Update - The Workplace Advisors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/theworkplaceadvisors.com\/health-care-reform-for-small-businesses-october-2013-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Health Care Reform for Small Businesses - 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