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Sunday, September 29, 2013

Small and Medium Business Owners and Affordable Health Insurance Plan for Employees

Many of my clients who own small and medium sized businesses have asked me lately about the requirement to provide affordable healthy care plans to their employees. When is this requirement going into effect, what does it mean for their business, etc?

The answer is that because many complaints came in due to confusion and lack of information, the requirement that this rule go into place in 2014 has now been pushed back to 2015.

You, as an employer, must provide an affordable health insurance plan to your employees if...

  • You have 50+ full time employees or full time equivalent employees
  • Full time employees are those that work 30+ hours a week
  • To calculate the number of full time equivalent employees, add up the hours of all part time employees for the month and divide by 120. 
You can learn more about this specific requirement on healthcare.gov's website here. This page includes more information about the costs you might incur and the contributions your employers may have to make. 

The IRS also has more information about this requirement in this document
The US Small Business association has a great article outlining the different rules and requirements and when they go into affect here

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