Your Guide To Complying With The Affordable Care Act
The Affordable Care Act (ACA) has changed the face of healthcare in the United States and has resulted in a shifting environment both for those securing personal insurance and for businesses that cover their employees’ health care. Depending on your business size, the regulations set in place by the ACA vary. So you can avoid being hit with penalty fees for not complying with these regulations, here is a brief guide to the current requirements by business size.
o Self-Employed Individuals: If you are self-employed, the regulations are similar to those for individuals securing insurance. You can either have ACA-compliant coverage, pay a “shared responsibility payment” at the time your file your federal income tax returns, or qualify for an exemptions for reasons like lacking the money to pay for coverage or religious convictions.
o Small Businesses: If you employ fewer than fifty people full-time, you are not legally obligated to offer health insurance but you are required to educate your employees about the insurance options available to them. If, however, you employ less than twenty-five people for average annual wages of less than $50,000 and you decide to cover your employee’s health insurance, you can qualify for a significant tax credit.
o Applicable Large Employers: If you employ fifty or more people full-time (30+ hours a week) or your full-time and part-time employees total to fifty or more when broken down by hours, you are required to offer health insurance through your company. If you fail to, you could face penalty fees of thousands of dollars per uninsured employee.
Does your business have the insurance coverage it needs to comply with the new regulations of the Affordable Care Act? Contact the expert agents at Fuller Insurance for all of your business insurance needs. Serving Chino Hills, Long Beach, Seal Beach, Los Angeles, and all of California, our team is here to help you understand the requirements on your business and help you meet them.