Key health care dates for small business owners
Since the Affordable Care Act passed in 2010, several provisions have gone into effect, but the majority of the new regulations are to be in place by 2015.
Heres a look at some of the future key policies affecting small businesses:
2013: Open enrollment in Health Insurance Marketplace (also called health insurance exchanges) begins.
On Oct. 1, individuals and small businesses can buy benefit plans by enrolling in the new individual and Small Business Health Insurance Options Program (SHOP) Marketplace. For the first time, individuals and business owners are able to make side-by-side comparisons for the best plan.
2014: The Marketplace opens
Individual and SHOP Marketplaces open in all 50 states and the District of Columbia on Jan. 1.
Tax credits for eligible small businesses participating in the SHOP Marketplace go up to 50 percent (35 percent for nonprofits). Individuals and the self-employed may qualify for premium tax credits and cost-sharing subsidies as well.
Effective Jan. 1, self-employed individuals must have health insurance that meets the minimum essential coverage standards, qualify for an exemption, or be subject to an assessable payment.
2015: Employer shared responsibility provisions take effect.
Employers with 50 or more full-time or full-time equivalent (FTE) employees must offer minimum essential coverage to their full-time employees or be subject to a potential Employer Shared Responsibility payment.
Source: U.S. Small Business Administration