How Will ObamaCare Affect Your Business?


bandaidsQ – How will ObamaCare affect your business and what are the benefits?

A – The Affordable Health Care Act was initially slated to come into full effect in January 2014, the administration recently delayed implementation of the employer mandate until at least January 2015.

Some of the benefits are:

  • Rules prohibiting insurance companies from discriminating against individuals due to gender or preexisting conditions. They cannot refuse to insure an otherwise eligible individual or raise men’s premiums as they age, even though studies show women tend to live longer than men.
  • In 2014 every state must have an Affordable Insurance Exchange, an online insurance comparison shopping marketplace. All insurance plans available in a given area must be listed so companies and individuals can make informed decisions.

Q – Which businesses must offer health insurance?

A – A business with 50 or more full-time equivalent employees is considered a larger business subject to the rules for employers under ObamaCare. For purposes of counting employees, two part-time employees can count as a full-time equivalent employee.

Businesses with more than 50 full-time equivalent employees may not have an affordable employee health insurance plan available in their geographical areas or industry type. If this is the case, those businesses are not required to provide health insurance. It is important to note, however, that businesses choosing to forego an “affordable” employee health insurance plan could end up paying stiff penalties.

This article appeared in the October 2013 issue of New North Business Matters. For more articles related to Pittsburgh’s north hills you can subscribe here.