The Affordable Care Act employer mandate takes effect in 2015 – are you ready?
Whether you agree with the Affordable Care Act (ACA) or not, beginning in 2015 businesses with 100 or more employees will have to offer insurance to their employees or make an Employer Shared Responsibility payment. Starting in 2016, the employer responsibility provision will apply to employers with 50-99 employees. Employers with fewer than 50 employees do not have to provide health insurance, but will be impacted in different ways by the law.
Below are a number of resources that can help you figure out how your business or family will be impacted by these changes, but keep in mind, the best way to ensure compliance with the law is to speak with an attorney or benefit consultant.
Business USA Healthcare Changes Wizard
This interactive wizard provided by BusinessUSA will walk you through requirements and provides customized information on how to determine if your business has to provide healthcare for your employees or not.
Chamber Member Directory
If you would rather talk to a person, there are a number of Chamber members who can help you get health care coverage or determine if your company is compliant with the Affordable Care Act.
SHOP Marketplace Resources for Businesses
The SHOP marketplace has information for businesses relating to options for coverage, SHOP health care tax credits and information on using insurance agents and brokers in the SHOP Marketplace.
Small Business Administration Webinars
SBA, the Department of Health Human and Services, and Small Business Majority provide a free weekly webinar series where small employers can learn the basics of the Affordable Care Act and what it means for their organization and employees.
U.S. Chamber of Commerce Health Reform 101
The U.S. Chamber offers a number of resources, including a calculator and chart that can help determine if your company will be required to make an Employer Shared Responsibility payment and roughly how much that payment will be.
Members can also get more information from the panelists that presented in the Chamber's "60 Minutes to Success" program on the Affordable Care Act. The panelists included:
- Marshall Kinne, Director of Compliance, Med-Pay, Inc.
- Thomas McCauliffe, Policy Analyst for the Missouri Foundation for Health
- Diane Rozier, CoxHealth Certified Application Counselor Manager
- Joy Weis, Mercy Eligibility Financial Counselor
We have compiled this information for educational purposes only. The only way to truly ensure that your business is compliant with the new law is to talk with an attorney or benefit consultant to understand your legal obligations under the law. There are numerous exemptions and in many cases there is still ongoing debate as to how the law will be implemented and enforced.