Confused about the Affordable Health Care Act? You are not alone - it is confusing to those in charge of rolling it out and ensuring compliance. For starters, business owners with 50 or fewer full-time equivalent (FTE) employees are REQUIRED to inform their employees whether or not they will offer health insurance by October 1. Failure to do so could result in costly penalties. Starting in 2014, businesses with 50 or fewer full-time equivalent (FTE) employees can use the Small Business Health Options Program (SHOP) Marketplace to offer coverage to their employees. This applies to non-profit organizations as well. You control the coverage you offer and how much you pay toward premium costs. Health coverage through SHOP starts as soon as January 1, 2014. Open enrollment begins October 1, 2013 and runs thru March 31, 2014. Check with your accountant, payroll specialist or attorney for more information.
Posted on: Thu, 19 Sep 2013 19:01:52 +0000
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