Enacted in 2010, The Patient Protection and Affordable Care Act represents a major overhaul of the American health insurance and healthcare system. The Act establishes minimum standards for health insurance policies, requires that most individuals obtain health insurance, and provides for subsidies to very small businesses if they purchase insurance through the new state health insurance exchanges. The Act has different provisions and requirements for employers with fewer than 25 employees, employers with fewer than 50 employees, or employers with 50 or more employees.
The U.S. Small Business Administration has recently launched a new website explaining what the Act means for small businesses. The website can be found here: http://www.sba.gov/healthcare. The site allows employers to learn about the key provisions of the Act based on the size of their business, contains a glossary of key terms, sets forth the timeline of health insurance reforms and provides specific information for Washington businesses. All in all, it is a great resource for businesses looking for information about this major overhaul of the American healthcare system.
The Act is complex and has different requirements depending on the size of your business. For more information on the Act and its implications for your business, please contact one of Eisenhower’s business attorneys here.
