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The Health Care Law: Where Does Your Small Business Fit?
Month Day, 2013
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The Two Most Important Pieces
Employer Requirements Available Tax Credits
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Employer Requirements
Three Categories of Business Size
Under 50 Employees 50 + Employees Self-Employed
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Under 50 Employees
96% of small businesses
Not required to offer insurance
No penalties
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50 + Employees
Not required to offer health insurance
Possible penalties beginning 2015
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Premium Assistance
A tax credit for families with income up to 4 times the federal poverty level
The less you earn, the larger the tax credit
Only available to those not eligible for Medicaid, CHIP, etc. and purchase in the individual Marketplace
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Self-Employed
Treated as individuals rather than small businesses
Shop in the Individual Health Insurance Marketplace
Could qualify for premium assistance
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Small Business Tax Credit
Are you eligible?Fewer than 25 employees
Average wages of less than $50,000
In 2014, the credit can cover up to 50% of employer insurance costs
www.irs.gov/sbhtc
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What Employees Need To Know
Get health insurance or pay a penalty
Can purchase insurance through the Health Insurance Marketplace
May qualify for “premium assistance”
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More News for Employees
Cannot be denied for a pre-existing condition
Under age 26 can stay on parents’ plan
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Health Insurance Marketplace
Website to compare and purchase health insurance plans
Individuals use the Individual Marketplace in their state
Small businesses use the Small Business Marketplace in their state (SHOP)
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What’s Next
October 1, 2013Small businesses and individuals shop in the marketplace
January 1, 2014 Individuals required to have health insurance
2014 Tax YearSmall business tax credit increases to 50% of employer healthcare costs
Premium assistance available for individuals12
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Resources
www.healthcare.gov
www.sba.gov/healthcare
www.irs.gov/sbhtc
www.healthlawanswers.org
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Questions?