I recently read a really interesting article in the NY Times Magazine about how the Affordable Healthcare Act (Obamacare) could lead to an explosion in entrepreneurs. If you know anyone that has remained at a job they hate just to keep health insurance, you'll understand.
Once freed from the pressure of maintaining employer-provided health insurance, many workers may choose to finally start a business or find new employment better suited to their skills and desires. The healthcare exchange makes it possible to obtain coverage on one's own, a feat that was previously very difficult, especially for anyone with a pre-existing medical condition. More entrepreneurs lead to more start up businesses and more money in the economy.
This week I gave a lecture on what a small business needs to do to comply with the new Affordable Healthcare Act. If your business has under 50 employees, the surprising answer is....not much! A business with less than 50 employees is not required to provide health care coverage.
If the employer is covered by Fair Labor Standards Act, then one must provide notification to their employees about the new Health Insurance Marketplace; inform employees that they may be eligible for a premium tax credit if they purchase coverage through the Marketplace and advise employees that if they employee purchase a plan through the Marketplace, they may lose the employer contribution (if any) to any health benefits plan offered by the employer. This notice must also provide to all new employees going forward. To get a copy of the notice you should send, go to the Department of Labor's website.
Our event, Obamacare and the Small Business Owner: What You Must Know Now, will now take place on Thursday, November 21st at 10:00am at the Transfer Station East in Manayunk. The Transfer Station East is located in the old Restoration Hardware space at 4120 Main Street. There is ample parking onsite and nearby. This event is free and includes coffee and pastries, but registration is limited and must be done in advance here.
If you own a small business and are confused about your health care obligations, please come to this event. See you on November 21st.
Join Philly Small Business Lawyer Sarah E. Holmes on Tuesday November 12, 2013 from 10:00-11:30 am for a discussion of what every small business owner must know about the new Affordable Care Act.
Many people mistakenly believe that "Obamacare" has been repealed. This is not true, but there is so much confusion about the current state of the law and what a small business owner is required to do.
Join me at the Transfer Station East in Manayunk (old Restoration Hardware). This event is free, but advance registration is required.
"Obamacare," or the Affordable Care Act as it's really called, has a myriad of confusing provisions and if you are a small business owner, you may be confused as to your obligations and deadlines.
The requirements vary depending on how many employees a business has. We found a great resource at the SBA website for those with fewer than 25 employees. The site lays out requirements for small businesses with fewer than 25 and those with over 50 employees. A major upcoming deadline is the Oct. 1 deadline to provide employees with the required notice of the new Health Insurance Marketplace. Any employer covered by the Fair Labor Standards Act (FLSA) must provide this notice to employees. Two sample notices can be found on the SBA website, depending on whether the employer offers health insurance coverage or not.
I will soon be hosting an informational breakfast in Manayunk for small business owners and their obligations under the Act. Watch this site for details!
Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way. When you're looking for a business lawyer in Philadelphia, the Main Line or New Jersey, we can help.