America is now in the process of transitioning to a new form of healthcare. Although the birth of this new system has been rocky, many still believe in its potential to change and eventually better the lives of so many citizens.
In the entrepreneurial world, small businesses now have new tool s to give health care to their employees. Before you choose a plan for your staff, let me give you some tips for Obamacare to help you through the process.
Prepare for Taxes and Fees
Obamacare or the Affordable Care Act wants to provide healthcare for millions of uninsured Americans no matter what their medical history says. From the name of the law, healthcare should be affordable, but in order to do this, the Federal Government will supply Tax Credits. The tax credits are then paid through different taxes and fees that were included in the law so if youâ€™re a small business owner, be prepared for these taxes and fees to accumulate.
You Can Still Afford HealthCare
Even though the law includes taxes and fees, donâ€™t assume that you canâ€™t afford to provide healthcare to your employees. Just to give you an example, if a small business like a martial arts school who has less than 25 full time employees and provides health insurance coverage and covers at least half or 50% of the cost of the health care coverage, the small business may be eligible for a federal income tax credit.
The SHOP exchange or the federal small business exchange was scheduled for enrollment this 1st of November. But Obamacare has been encountering a lot of problems and glitches on their website and has since delayed the date. So be patient. According to Centers for Medicare and Medicaid Services Administrator Marilyn Tavenner the website will be up and running at the end of November.
You Still Have the Old HealthCare Insurance
Since the creation of Obamacare, the attention has been centered on it and has made the traditional health care insurance seem like old news. But itâ€™s not the case. The previous health care insurance is still a big player in the health insurance field and will continue to be so in the near future. Most of the Americans like small employers and individuals are still going to be covered by the plans on their previous health care insurance.
Seek for Help
All of this can be confusing especially when the government hasnâ€™t explained it too well to the public. So I highly suggest that you seek the guidance of someone who is informed about the new law. Itâ€™s wise to seek the advice of a broker, an attorney, or a CPA to make sure that the plans that you want to choose are compliant and right for your small business.