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New Healthcare Policy Affecting Your Small Business

December 06, 2013

With the launch of the Affordable Care Act, it is important that small business owners understand the impact it may have on their business. The long term effects of the new health care reform are unknown, but it is still crucial to educate yourself to new regulations in order to make smart decisions.

The Affordable Care Act is a hot topic in Washington. The bill is designed to ensure that all Americans have easy access to affordable health care. While the Affordable Healthcare Care Act sounds promising, small business owners are concerned with what changes directly affect them. The implementation of the new healthcare reform will directly affect many small business owners and the healthcare programs they offer.

The implementation of the new healthcare reform will directly affect small business owners…

There has been a lot of discussion around the new healthcare policy, but little talk on how it will directly impact small businesses and how they operate. Businesses with fewer than 25 employees have different regulations than businesses with 50 or more. Many owners and employees are finding themselves asking, “what are the specific changes to my company healthcare policy going to be?” A study done by Aflac shows that 53% of workers do not feel they can adequately manage their health insurance coverage because of the lack of information around their options.

With the lack of information surrounding the Affordable Care Act and small businesses, it’s hard to tell what the real outcome will be. Tax breaks that are granted to small businesses offering healthcare plans will only be eligible for programs found through the government site. But with the site still not functioning properly, many small business owners are worried there will not be enough time or information to pick a plan.

Our suggestion to small business owners is to try and insert yourself into the conversations around the healthcare reform. Since accessing the government site has proven to be a challenge, try to get someone on the phone or contact email support. Speak with a representative and make sure they understand what your business and employees needs are. Gather as much information as you can on all of the plans offered for your business and think about which one will work best. Although the situation is not ideal you don’t want to risk the chance of paying higher premiums because you did not select a government plan in 2014.

 

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