New Affordable Care Act Regulations for Employers
Do you know how the new Affordable Care Act regulations for employers will affect your business?
Last Monday the White House announced new regulations regarding theAffordable Care Act (ACA). The new policies are an attempt to give certain employers more time before they are required to offer health insurance to full-time employees.
An article fromUSA Today explains the most recent changes.
Here’s what you need to know:
Companies with50 to 99 workers now have until2016to start providing health care coverage to full-time employees. This is a two year extension from the original plan.
Companies with100 or more workers are now only required to provide health care coverage to70 percent of full-time employees by 2015 and 95 percent by 2016. Originally, they were required to provide health care coverage to 95 percent of full-time employees by 2015.
It is important to note that the ACA definesfull-time as working at least30 hours per week. Also, companies with fewer than 50 workers are defined by the ACA assmall employers and are exempt from all health care regulations.
There could still be more changes to come before the new rules go into effect. Make sure you know how they will impact your business.