The Affordable Care Act (ACA) is bringing in many changes for business owners, with and without employees. It is important for business owners to stay on top of the changing regulations to meet obligations, as well as know what is ahead.
More information will soon be available about enrolling in the individual Marketplace and Small business Health Options Program (SHOP). However, these are not the only options when considering whether you should offer insurance coverage to your employees. The University of Nebraska-Lincoln Extension recently launched a healthcare website for businesses to help you better understand how the ACA will affect your business and learn what coverage options are available. It’s a great starting point to open discussions with your attorney, accountant, insurance broker or other business advisors.
Important dates to remember:
- October 1, 2013 – Marketplace and SHOP open for enrollment. Individuals can purchase coverage through Marketplace for themselves and their family members. Small employers can purchase insurance coverage for their employees through SHOP. For 2014, SHOP is restricted to employers with either 25 or 50 employees, depending on state regulations.
- October 1, 2013 – Deadline for employers to provide to all their employees a notification of coverage that informs the employees if coverage will or will not be available to them through the company.
- January 1, 2014 – ACA law requires all individuals to have health coverage for 2014. For individuals who do not have coverage in 2014, they will be assessed a tax of $95 or 1% of income, whichever is greater.
- January 1, 2015 – New effective date that employers with 50 or more full-time or full-time equivalent employees must provide health insurance coverage or incur a tax.
Check out the University of Nebraska health care for business website and learn more about the ACA.