What It Means for Your Business
Health care reform is now the law of the land. And nearly every individual and business in the U.S. will be affected by the new law’s provisions.
The Patient Protection and Affordable Care Act (the “Act,” as amended) overhauls the health care environment in the U.S. The goal: to provide a minimum level of health care coverage for eligible individuals. For example, the new law requires most U.S. citizens and legal residents to have health insurance. Income eligible individuals and families will receive premium tax credits to help pay for coverage. Those choosing not to carry coverage will pay penalties.
The Act places new responsibilities on employers that, over time, may well change the nature of employer-provided health care. Employers choosing not to offer their employees qualifying coverage will pay an additional tax to help finance their employees’ health care. An exception applies for smaller businesses.
The new law’s provisions will generally go into effect on dates ranging from within a short time after the date of enactment through 2018. For more details, see the Calendar of Effective Dates.
The following pages summarize the key provisions of the Act that may affect your business. You will gain insight as to how the new law applies in defined situations and learn ways to plan for the new law’s impact. But keep in mind that the Act contains many complex rules and exceptions. Professional guidance is recommended before applying anything you read here to your individual or business situation.
Click the image below to be directed to the Health Care Reform website.