My business has over 50 Full Time Equivalent Employees. Do I have to provide health insurance on Jan.1, 2014 to comply with the Affordable Care Act?
On July 2, 2013, the Obama Administration announced it was delaying the employee health insurance coverage mandated by the Affordable Care Act by one year. Therefore employers with 50 (FTE) employees or more will not have to provide health insurance coverage for their employees until January 1, 2015. However, employers who do have insurance for their employees should look at possibly renewing their health insurance policies before January 1, 2014. The deductible and affordability limits of the Act are still in place and will still be imposed January 1, 2014. In the majority of cases, early renewal will keep your company from being subject to these limits for one additional year. You should contact your insurance professional and CPA for further advice.
Written by: Barbara Sutton, MBA, CPA
About Barbara Sutton
Barb is a Partner with DVF. She provides services to individuals & small businesses with a focus on small business and operations consulting.