Healthcare Reform & Your Business
The U.S. Congress and the House of Representatives passed sweeping healthcare reform in 2010, which President Obama signed into law. The implementation of changes is happening gradually, with final changes becoming law in 2014. The purpose of the law was to make health insurance – and thus healthcare – more affordable and accessible for millions of Americans, and the changes could mean a lot of changes for small businesses. It is not too early to begin considering how these changes will affect your business.
What the Reforms Mean for You
If you own or operate a small business, you may be wondering how the new laws will affect your business. The following are some of the major changes that could affect you:
- States are required to provide Small Business Health Options Programs, or SHOPs, by 2014. These allow small businesses to pool resources in purchasing health insurance programs, which will marginally lower the cost to companies and raise the available benefits to participants.
- Until 2014, small businesses with fewer than 10 employees making less than $25,000 on average are eligible for a tax credit of 35% of their health insurance costs.
- Slightly larger companies, or those averaging slightly higher salaries, are eligible for a partial tax credit as well.
- Businesses with 50 or more employees will be required to purchase insurance or pay a penalty of $750 per full-time worker. This goes into effect in 2014.
There are several other ways that health insurance policies have changed and will continue to change. A qualified business lawyer can help make sure your business is ready for upcoming changes and adhering to new regulations.
Contact Us
To make sure your company is complying with all applicable regulations, contact the Austin business attorneys of Slater, Kennon & Pugh Ltd.LLP today at 512-472-2431.