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Learning About Obamacare Small Business Health Insurance Requirements

By Jeannie Monette


Health insurance has been a major concern in the United States for a long time, because there are millions of Americans who do not have coverage. The Affordable Care Act was signed into law by President Obama in March 2010, as a means of providing coverage for Americans who need it. If you own your own business, there is a lot of information you should know about obamacare small business health insurance requirements.

The first thing to note is that these businesses can now access the new insurance marketplace by using the Small Business Health Options Program. This program provides smaller companies with the opportunity to pool their resources together in order to have greater access to more insurers and lower costs.

Firstly, nearly all employers are required to give notice to their employees informing them of certain details regarding their coverage. This notice was supposed to be given by October 1, 2013. Among other details, the employee must be informed that a new insurance market exists for coverage and that they may be eligible for a tax credit if they buy their coverage through this market.

The employee must also be informed that they might forfeit their employer contributions for health coverage if they choose to buy the coverage through the new market. Employers must provide their employees with a Summary of Benefits to explain what the plan covers and how much it costs.

In addition, when purchasing a company, you should consider the possibility that there may be post-closing liability in the transaction. To protect yourself, ensure that all documents in the transaction contain appropriate representations for each party. Make sure that any responsibility for penalties under the Affordable Care Act is allocated appropriately.

In addition to tax credits, the Affordable Care Act also offers benefits for companies with workplace wellness programs. One of the main goals of the Act was to lower healthcare costs by encouraging healthy behavior habits. The promotion of wellness programs encourages companies to focus on creating healthy workplaces and offers rewards for people who meet certain goals, such as lowering their cholesterol or blood pressure. The maximum reward that is allowed is 30 percent coverage for health care.

Under the Affordable Care Act, group health plans cannot impose waiting periods greater than ninety days from the time that the employee becomes eligible for the plan coverage. This provision applies to all plans sponsored by employers, regardless of their size.




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