September 23, 2014
Q2: How does the Patient Care and Affordable Care Act (ACA) impact small businesses?
A: In 2015, businesses with 50 or more employees will be required to offer health insurance, but less than 50 holds no similar obligations. Many small businesses (less than 50 employees) find that health insurance is their largest expenditure second to payroll. By offering their employees a group insurance plan, they may be preventing them from taking advantage of premium tax credits, only offered to those who do not receive health benefits with their job and meet certain guidelines on household income. Both employers and employees may benefit from individual insurance plans.
For more information about the Affordable Care Act and your small business, contact Crosspointe Insurance Advisors.