Posted: October 3, 2013 Open Enrollment for Health Care Law Affects Small Businesses
On March 23, 2010, President Obama signed the Affordable Care Act. The law puts in place comprehensive health insurance reforms that will roll out over four years and beyond.
Many things have already began, but key dates now:
2013: Open enrollment in the Health Insurance Marketplace began on October 1st.
2014: All Americans will have access to affordable health insurance options. The Marketplace will allow individuals and small businesses to compare health plans on a level playing field. Middle and low-income families will get tax credits that cover a significant portion of the cost of coverage. And the Medicaid program will be expanded to cover more low-income Americans. All together, these reforms mean that millions of people who were previously uninsured will gain coverage, thanks to the Affordable Care Act.
For more information visit: healthcare.gov
Tuesday marked an important compliance deadline for small-business owners. That is the day all employers-regardless of business size or health insurance offer status-must provide all employees with a Notice of Health Insurance Marketplace Coverage Options document. There will be a form for businesses that do offer health insurance to employees and a form for businesses that do not offer coverage to employees. All new employees hired after Oct. 1 will have to be provided the Notice document within 14 days of an employee's start date. Guidance on the Notice requirement was provided May 8.
*This information taken from the U.S. Chamber of Commerce.