When it comes to The Affordable Care Act (ACA) there seems to be lots of confusion. Is it any wonder? There are different rules depending upon how many employees you have and certain requirements have gone into effect while others have been delayed.
If you have even one employee, be aware that the following ACA requirements apply to your business:
• If you offer a health insurance plan, you:
– cannot make employees wait any longer than 90 days to participate in the plan.
– are required to provide employees with a standard Summary of Benefits and Coverage form explaining what their plan covers and what it costs. Your benefits broker should be able to help you get this for your plan.
• If you have at least one employee and $500,000 in annual dollar volume of business, you should have given all your employees the “Employer Notification of the New Health Insurance Marketplace”. In addition, you need to give this to new hires within 14 days of them starting with your company. NOTE: This rule applies whether you offer a health insurance plan or not.
1. Business USA is a very useful site – it not only has easy to understand information about the Affordable Care Act, but has a wizard that will help you figure out which pieces of the Act apply to your business. In addition, it has some great resources in general for small businesses.
3. The Employer Notification of the New Health Insurance Marketplace can be found here:
– Notice if you DO NOT offer a health insurance plan
– Notice if you DO OFFER a health insurance plan
YOUR TURN: What other resources are using to help you stay up to date on the Affordable Care Act? Please leave your reply below.