How the Affordable Care Act Affects Your Georgia Business
The Affordable Care Act, or ACA as it’s commonly referred to, formed the SHOP Marketplace to assist small employers in offering insurance to their employees.
Required Reporting to Your Employees
Whether you offer health insurance or not, the health care law requires you to provide certain information about the Marketplace to your employees. If you offer health insurance to your employees, you must offer it to all eligible employees within 90 days of their employment start date.
Visit the United States Department of Labor for more details on reporting requirements and model notices you can use .
Disclosure Rules: Summary of Benefits and Coverage (SBC)
Under the health care law, employers must provide employees with what is called a standard “Summary of Benefits and Coverage” (SBC) form. This form explains what their plan covers and the costs. Its purpose is to help employees better understand their insurance options, and if you don’t make it available, you could face a penalty for non-compliance.
Employer Shared Responsibility Payment
Large businesses (those with 50 or more full-time or full-time equivalent employees) that don’t offer insurance that meets certain minimum standards may be subject to the pay a fine.
Read our blog on the employer shared responsibility payment, commonly known as “pay or play,” to learn more.
Reporting on Health Coverage
The law requires that the following organizations provide health coverage:
- Employers with 50 or more full-time (or full-time equivalent) employees
- Health insurance issuers
- Self-insuring employers of any size
More Resources for Your Businesses
- Read the IRS’s guide, “Affordable Care Act: What employers need to know (PDF).”
- The U.S. Small Business Administration’s web page provides health care information tailored to the size of your business, plus a listing of free Affordable Care Act 101 seminars and other training materials.
- The Internal Revenue Service offers a guide to tax provisions of the Affordable Care Act for employers. It also features a large set of health care questions and answers for employers.
- You can also contact us at ShopBenefits.com with any questions you may have by filling out a contact form online or calling (404) 256-2171. We’re always happy to answer any questions you may have. It’s what we are here for!
Shopbenefits.com is committed to making insurance easier and more accessible for businesses of all shapes and sizes. With us, we won’t just give you the link, but we will be there to give a helping hand whenever you need it.
At Shopbenefits.com, you’ll work with an agent who knows your industry inside and out – and will always be there to lend a helping hand when you need one.
Contact us for your complimentary review or call (404) 256-2171 and ask for Al Schiebel to see what option is best for your business. Get your affordable quote today! Get your affordable quote today!