Small Businesses Need Clear Information about Healthcare Law as Implementation Deadline Looms

Full implementation of the healthcare law is only a few months away. Therefore it̢??‰?s imperative small businesses get straightforward information now about this complex law and how it will impact them so they̢??‰?re fully prepared when the new rules go into effect.

These include the highly publicized shared responsibility requirement that goes into effect in 2015, which the IRS issued proposed rules on this week. There̢??‰?s been a lot of hubbub around this provision, which requires businesses with more than 50 full-time employees to offer health insurance to their workers. However, the details of the provision often get lost in the rhetoric̢??‰۝details small business owners need if they̢??‰?re going to make informed decisions about their business. The fact is this requirement doesn̢??‰?t impact the vast majority of small businesses: 96 percent of businesses in this country have fewer than 50 employees. For larger businesses with more than 50 employees, 96 percent already offer insurance. For those who will be impacted, they now have the opportunity to comment on the rules before the IRS finalizes them.

The most important provisions for small business owners in the law will be here long before 2015, including health insurance marketplaces. The marketplaces, coming online on Jan. 1, 2014, will begin open enrollment this October and will allow small businesses to pool their buying power to help drive down coverage costs. Additionally, small employers that do offer coverage will be eligible for a tax credit of up to 50 percent of their premiums.

Small Business Majority is holding numerous in-person and online seminars educating small businesses about the healthcare law̢??‰?s implications on their businesses, including national webinars with the U.S. Small Business Administration. Visit our website to get a full list.