Health Reform: What Small Businesses Need To Know Now!
by Janemarie Mulvey, Ph.D.
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Fourth Edition Released January 20, 2016
Numerous delays in the new health reform law’s implementation have left many small businesses in a state of confusion about what they have to do, when they have to do it and what happens if they don’t. Unfortunately, the answers to their questions are buried in thousands of pages of regulations. Many small businesses who do not file the required 1095-C and 1094-C forms with the IRS by in early 2016 may face fines of up to $250 per worker (capped at $3 million). Others may face additional penalties of over $2,000 per worker for not offering adequate or affordable coverage.
This guide deciphers and simplifies the new law and regulations for small business owners, their human resources (HR) staff, accountants and legal counsel. It provides easy-to-understand explanations, timelines, definitions, checklists and worksheets, along with useful links to calculators and other helpful resources.
Small Business Blog
Our blog highlights the crucial challenges the new health reform law presents for small businesses that will take effect over the next two years, 2015 and 2016.
While the law provides tax breaks and new insurance marketplaces that could potentially benefit small businesses, there also are increased administrative burdens – including new Internal Revenue Service (IRS) reporting requirements and insurance coverage mandates, coupled with potential employer penalties for some companies that fail to offer adequate or affordable health insurance coverage.
We will focus on important issues and deadlines – and provide insight and advice for complying with them.
Mulvey Healthcare Strategies provides a range of services to help small businesses recognize and understand the opportunities and the challenges they face in complying with upcoming ACA requirements. Those services include:
- In-Person Seminars
- One-on-One Consulting to help your company:
- Estimate firm size and potential liability for ACA employer penalties in 2015 and 2016.
- Estimate size of potential penalties given workforce demographics
- Determine whether your health insurance plan is “affordable” given workforce demographics
- Develop strategies to minimize potential penalties
- Learn how to complete 1095-C and 1094-C returns