The Chamber of Commerce hosted an event designed to help business leaders understand how the Affordable Care Act will impact their companies when the Small Business Health Options Program Exchange opens in November 2014.
As employers and individuals continue to sort through what the Affordable Care Acts means, Mike Farmer, personal accountant for H&S recommended people keep an eye on the government.
“Things are going to change,” he said. “Stay tuned.”
Although a mandate goes into affect for businesses in 2015, it applies to companies with 50 or more full-time equivalent employees, considered “large businesses.” Employees who work an average of 30 or more hours a week are considered full-time equivalent.
These businesses must offer affordable insurance for employees at a cost of no more than 9.5 percent of one’s income. Companies that fail to meet that requirement face a $2,000 penalty per employee, per year
Companies with fewer than 50 employees don’t have to follow the mandate. These smaller companies may be eligible for a healthcare credit if they have less than 25 full-time equivalent employees with an average wage of less than $50,000 and have to buy insurance through the Small Business Health Options Program Exchange.
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