Healthcare Reform: Answers to your Burning Questions (as a Small Business Owner)

Alright, so in the previous blog post, I addressed a few questions for individuals seeking out coverage through the Affordable Care Act (ACA) – again, “Obamacare” for those who are inclined. But what about small businesses? If you’re an owner, you likely have a TON of questions. That’s absolutely reasonable. Let’s get to it.

With restrictions and deadlines shifting constantly, why should I hurry to meet them?

To be frank – do it for your employees. They have concerns over the changes, just as you do running a business having to make accommodations for the reform. The fact is that many employees (and people in general) are under informed of how it will affect them:

• Will my health care coverage be improved, or diminished?
• Will the medical costs I’m currently responsible for increase? (According to the 2013 Aflac WorkForces Report, 83% of workers actually believe the answer to that question is yes)

Your workforce drives your business. Putting to rest any fears or concerns they have will only benefit you.

How do I get started?

Initially, it’s a good idea to look into the Small Business Health Operations Program (SHOP), set up to assist businesses with 50 or fewer employees select the best health insurance for their employees. At Pure Risk Solutions, we can guide you through this process and remove the hassle.

What are some other key guidelines?

•  $2,500 Flexible Spending Account (FSA) limit on employee annual salary reduction contributions by employee-sponsored cafeteria plans
• 90 day maximum waiting period, beginning January 1, 2014
• Increased reward capacity for Employer Wellness Incentives
• All self-insured employers must report their employer’s health insurance coverage information to the IRS each calendar year

Will my business be eligible for a tax credit?

Possibly. A Small Business Health Care Tax Credit will be available to small business with 25 or fewer employees, with average income of less than $50,000.

Next steps?

Again, let Pure Risk Solutions be your advocate! To learn more, please call me or my colleague and resident healthcare reform expert, Dave Godel, for more information at (866)738-2180 or send him an email at dave@purerisksolutions.com.

Questions? Comments? Frustrations? Success stories? Connect with us on Facebook and tell us about your experiences in looking into health insurance coverage for your small business, or your thoughts from an employee point of view. Please also feel free to leave a comment below.