Talk of the Affordable Care Act (ACA) is everywhere, and if you’re a small business you may be concerned about what the future holds. Implementation of the ACA has been in stages starting in 2013 and 2014. Our team at ExactStaff has compiled the key provisions of the ACA, and what it will mean for your small business.

• Small Business Health Care Tax Credits.
  These credits are there to help small businesses afford the cost of healthcare for their employees. In 2014, small businesses that have fewer than 25 full-time employees and pay average annual wages under $50,000 will get a credit up to 50-percent to offset the costs of health insurance premiums for their employees.

• Small Business Health Options Program.
  On average, small businesses may pay 18-percent more than big businesses for health insurance due to administrative costs. This new health options program gives employers more options for high-quality coverage at a lower cost.
• Summary of Benefits and Coverage Disclosure Rules.
  This provision states that employers are required to provide employees with a standard Summary of Benefits and Coverage form explaining what their plan covers and what it costs. It’s designed to help employees better understand and evaluate their health insurance options.
• 90-Day Maximum Waiting Period.
  Starting in 2014, employees who are eligible for health care through their small businesses are no longer required to wait 90 days to begin coverage.
• Workplace Wellness Programs.
  This provision provides incentives to small businesses who promote wellness programs and encourages employees to lead healthier lifestyles. For example, these programs provide rewards to individuals who meet a specific standard related to their health such as not smoking. Starting in 2014, small businesses who utilize a wellness program are eligible for a reward that’s 30-percent of the cost of health coverage. For programs that are specifically designed to decrease and prevent tobacco use, the reward can be up to 50-percent.

These provisions for small businesses are just some of many that are part of the Affordable Care Act. Note that some of these are already in effect, while others will take place starting January 1, 2014. All of the information regarding how the ACA effects small businesses can be found here, but for more information on what this means for your small business, contact us today!