Health Care and Your Business

The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively referred to as “health care reform”) were signed into law in March 2010. The law was upheld as constitutional by the U.S. Supreme Court in June 2012. The primary purpose of the law is to extend health care to millions of uninsured Americans.

To prepare for the short- and long-term impacts of this health care law, you should be aware of changes before they occur.

This overview highlights provisions of the law that may already be in effect or are planned to go into effect over the coming years, to help you understand these changes and the potential impacts to you, your organization and your employees. The provisions vary based on the number of full time equivalents (FTEs) and this overview provides two tables targeted to employers with 50 or more FTEs and employers with fewer than 50 FTEs. These changes may affect the health care options you provide your employees, in some cases giving you more flexibility than you've had before. You can also take advantage of tax credits that may be available to you, and you’ll want to ensure that you are in compliance with these laws to minimize your risk of penalties and taxes.

As is often the case with long-range reform, however, some of the health care provisions will likely be modified or undergo changes before they take effect, and new provisions will undoubtedly emerge too.

Kruggel Lawton CPAs will help guide you through this law. For more information on upcoming provisions, contact us at 574.289.4011.

Please fill out the form on the right to download the complete nine page document: Health Care Reform and Your Business - Timelines and Implications of the Law for Business Owners.