Health insurance benefits all which is particularly true with regards to your employees and business. Not everyone though has the opportunity to apply and get the much needed amount of insurance coverage and this applies true to small business. However, it is now easy to provide individuals a measure of insurance coverage today with the emergence of ObamaCare. Doubts and speculations often arise to small time business owners on how this can affect their business entirely.
ObamaCare, which is actually titled the Affordable Care Act, requires that employers purchase and provide the necessary health insurance for their workers or pay a penalty by 2015/2016. ObamaCare small business health insurance requirements offer nice incentives to such companies as they are given tax breaks and tax credits available via SHOP exchange. This is possible if the small business has an equivalent of 25 full-time employees or less. It should also be noted that 90% of US firms today have less than 20 full-time employees and ObamaCare does not necessarily hurt their business all in all.
The much needed insurance coverage may be hard to achieve especially today due to rising health cost giving small business problems in providing insurance to their employees. In small businesses with 50 or more employees however, ObamaCare is requires employers to insure their full-time employees. As mentioned before, if one ever decides to make use of ObamaCare they get a good amount of privileges such as generous tax credits to businesses with 25 or less full-time employees.
With the employer insurance mandate, business owners will need to start insuring their workers by 2016. This mandate is included and is officially part of the Employer Shared Responsibility. To those who did not provide or offer health coverage to their 50 or more full-time employees will be required to pay for an annual employer mandate fee. This is based on full-time equivalent employees and not just full-time employees. It should also be noted that unlike employer contributions to employee premiums, the Employer Shared Responsibility Payment is not tax deductible.
Full-time and part-time employees and identifying them can become a bit confusing with ObamaCare. Benefits should be provided to a person who works an average of 30 hours a week or more as they are already considered to be full-time. No employer insurance mandate needs to be applied for those who are averaging less than 30 hours a week.
It is always best to provide them with the necessary amount of protection throughout the whole course of their employment whether one has full-time or part-time employees. A boost in overall productivity as well as their morale is given with such coverage. Get additional information about ObamaCare when dealing with your business today.
ObamaCare, which is actually titled the Affordable Care Act, requires that employers purchase and provide the necessary health insurance for their workers or pay a penalty by 2015/2016. ObamaCare small business health insurance requirements offer nice incentives to such companies as they are given tax breaks and tax credits available via SHOP exchange. This is possible if the small business has an equivalent of 25 full-time employees or less. It should also be noted that 90% of US firms today have less than 20 full-time employees and ObamaCare does not necessarily hurt their business all in all.
The much needed insurance coverage may be hard to achieve especially today due to rising health cost giving small business problems in providing insurance to their employees. In small businesses with 50 or more employees however, ObamaCare is requires employers to insure their full-time employees. As mentioned before, if one ever decides to make use of ObamaCare they get a good amount of privileges such as generous tax credits to businesses with 25 or less full-time employees.
With the employer insurance mandate, business owners will need to start insuring their workers by 2016. This mandate is included and is officially part of the Employer Shared Responsibility. To those who did not provide or offer health coverage to their 50 or more full-time employees will be required to pay for an annual employer mandate fee. This is based on full-time equivalent employees and not just full-time employees. It should also be noted that unlike employer contributions to employee premiums, the Employer Shared Responsibility Payment is not tax deductible.
Full-time and part-time employees and identifying them can become a bit confusing with ObamaCare. Benefits should be provided to a person who works an average of 30 hours a week or more as they are already considered to be full-time. No employer insurance mandate needs to be applied for those who are averaging less than 30 hours a week.
It is always best to provide them with the necessary amount of protection throughout the whole course of their employment whether one has full-time or part-time employees. A boost in overall productivity as well as their morale is given with such coverage. Get additional information about ObamaCare when dealing with your business today.
About the Author:
Jeannie Monette enjoys writing reviews about insurance providers. For more info about California small group medical insurance providers or to find about Obamacare small business health insurance services, please visit the MercadoInsuranceServices.net website today.
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