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How Health Care Reform Affects You and Your Employees
The Basics for Small Business Employers
On January 1, 2014, all Americans will be required to have health insurance (with only a few exceptions).
Here's what you need to know:
Do you have 1-49 full-time employees? You are not required to offer health insurance. But if you want to help your employees afford insurance, visit the "How can I help my employees" tab.
Important: If you are a Fair Labor Standards Act employer (generally with more than one employee and more than $500K in revenue), you must have notified your employees of their options by October 1, 2013. Templates are available under the Resources section on the right.
Do you have 50 or more full-time employees? You will be required to offer health insurance to your employees starting January 1, 2015. For more information, visit the SBA site.
Are you a sole proprietor without employees? The government categorizes you as an individual, which means you will be required to have health insurance.
Key Dates in Health Care Reform
October 1, 2013
Open enrollment begins. If your business makes more than $500k, you must notify your employees of their options.
January 1, 2015
Employers with 50+ full time equivalent employees are required to provide health insurance to their employees
March 31, 2014
Last day to get health insurance to avoid a penalty in the first year
April 15, 2015
Individuals are assessed tax penalties when they file taxes if they didn’t have coverage starting on January 1, 2014
How can I help my employees
Affordable Health Insurance
Providing health insurance can help you attract the best people and keep them healthy and productive. Plus, as of January 1, 2014, it will be the law. But we know it's expensive. Good news! You have several options to help them get coverage…affordably.
Your Options as a Small Business Employer:
Even though you don’t have to if you have fewer than 50 employees
Starting Oct 1, 2013, the Small Business Health Marketplace (SHOP) is open and you are able to view plans and complete applications. However, note that your ability to pay and complete your enrollment may be a bit delayed.
You may qualify for a tax credit if you meet certain criteria.
Help your employees buy their own insurance
Invite your employees to buy health insurance that is right for their needs and budget.
Decide how much you want to contribute to your employees' health insurance. Even $0 is okay
Let your employees figure it out
If your employees already have their own insurance, they are all set.
Your employees might qualify for government assistance when buying insurance on their state's marketplace.
By not having insurance starting Jan 1, 2014, your employees risk a tax penalty.
Some of your employees may be exempt from having insurance.
Frequently Asked Questions
Here are some of the most commonly asked questions by other small business owners:
Q Do I have to provide health insurance?
Q How does the government define a "full-time" employee?
Q Do my employees need to have health insurance?
Q What happens if my employees do not have insurance?
Q Will there be financial help available to employees who can't afford insurance?
Q Am I required to share any information about the Affordable Care Act with my employees?
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You employee may be eligible for a government subsidy under the Patient Protection and Affordable Care Act.
3. Employee notification templates for 10/1/13 deadline: