Roofer Union Calls for Repeal of Obama Health Law

[CarlV]

What are Small Businesses Required to Do?

Starting in 2014, small businesses with at least 50 full-time employees must provide them with health insurance or pay a penalty (that number rises to 100 full-time employees in 2017). One concern many small businesses have is that they will be required to use the exchanges. They are not; the exchanges will simply provide another option for employers to find a health insurance plan that works best for them. Also, small businesses may be eligible for tax credits to help them pay for their employees’ health insurance through the exchange.

Starting in late summer or fall of this year, employers will be required to provide a written notice to each employee and new hire outlining the existence of these exchanges, the services provided through them, and contact information for the exchange. The notice must also include information about possible tax credits and loss of employer contributions (if any) for employees purchasing a qualified plan through the exchange. This notice was originally due to be provided to employees by March 1, but has been pushed back to coincide with the first open enrollment period for the insurance exchanges.

Now is the time for small businesses to be looking into insurance exchanges and learning about the options available to them, as well as the requirements they will be expected to meet. As more states establish their exchanges, small businesses will need to ensure they are keeping up with any mandates that may apply.
http://mybackoffice.biz/small-busine...nce-exchanges/

The sky is falling, the sky is falling.


Carl