When it comes to Obamacare, small business owners may need a checklist, as some very important deadlines are approaching.
The Patient Protection and Affordable Care Act, otherwise known as "Obamacare," includes several requirements for businesses. You probably know that the so-called "employer mandate" has been pushed back to 2015. But most businesses are still required to notify their current and future employees about the new health insurance exchanges under Obamacare.
Here's a basic checklist to help you knock off these two hard deadlines:
Send Your 'Obamacare Letters' by October 1
The first deadline is for your so-called Obamacare letter. Any business that falls under the Fair Labor Standards Act (basically, any business with at least one employee and $500,000 in annual revenue) is required to notify current employees about the new health insurance exchanges by October 1.
Here are some suggestions for fulfilling this requirement:
Offer Health Coverage to Full-Time Workers by January 1, 2015
By 2015, businesses with at least 50 full-time employees must offer health insurance to those workers, or pay a penalty. Here are some tips for this requirement:
Another option that some business owners are considering is to reduce their employees' hours to get around the employer mandate -- for example, by cutting workers' hours back to 29 per week. If you are trying to penny pinch, this may be a workable option for you.
For more specific quesitons about Obamacare and your employees, it may be best to consult an experienced employment lawyer near you.
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