Your Business Under Obamacare
by Jeannie Monette
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.
Rising health insurance cost is one of the main reason why small business today are having a hard time providing their employees with the much needed insurance coverage. Employers are tasked to insure their full-time employees in small businesses with 50 or more employees through with ObamaCare. As discussed previously, a good amount of privileges such as generous tax credits are given to businesses with 25 or less full-time employees if they ever decide to make use of ObamaCare.
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.
Discerning full-time and part-time employees under ObamaCare can be a little confusing. Under ObamaCare, those who work on an average of 30 hours a week or more and considered to be full-time and need to be provided with benefits under the law. While an average of less than 30 hours a week is considered to be a norm for part-time employees and no employer insurance mandate needs to be applied.
The necessary amount of protection is always best to be given throughout the whole course of the employment for full or part-time employees. Such coverage can give them a boost in overall productivity as well as their more. Help your business further by finding out more about ObamaCare.
Jeannie Monette enjoys writing reviews about insurance providers. For further info about California small group medical insurance providers or to discover about <a href="http://www.mercadoinsuranceservices.net/insurance-services/employee-benefits">Obamacare small business health insurance</a> services, please visit the <a href="http://www.mercadoinsuranceservices.net">MercadoInsuranceServices.net</a> site today.
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New Unique Article!
Title: Your Business Under Obamacare
Author: Jeannie Monette
Email: articles@zerocompany.com
Keywords: ObamaCare,southern california business medical insurance,southern california business health insurance,california business medical insurance,california business health insurance,medical insurance providers,health insurance services,medical insurance,health insurance,business
Word Count: 450
Category: Insurance
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