2015 Health Care Requirements for Small Business- “Obamacare”

AFFORDABLE CARE ACT

Obamacare requires a significant amount of new reporting and recording, as of 1/1/2015.  Here are some of the guidelines to which we would like to draw your attention.  This may apply to your company if

1.  you have fewer than 50 employees or

2.  you have fewer than 50 employees but are a member of an ownership group with 50 or more full-time employees.

Coverage:

• You can purchase affordable insurance through the Small Business Health Options.
• To learn more about the Affordable Care Act, visit HealthCare.gov.

Reporting:

• You must withhold and report an additional 0.9% on employee wages or compensation that exceeds $200,000.
• You may be required to report the value of the health insurance coverage you provided to the employee on his/her W-2.
• Effective 2015, if you provide self-insured health coverage to your employee, you must file an annual return reporting certain information for each employee you cover. This rule is optional for 2014.

Payments and Credits

• You may be eligible for the Small Business Health Care Tax Credit if you cover at  least 50% of your full-time employee’s premium cost AND you have fewer than 25 full-time equivalent employees with average annual wages of less than $50,000.
• If you self-insure, you may be required to pay a fee to help fund the Patient-Centered Outcomes Research Trust Fund.

 

Please contact us if you have any questions.  504-780-8299