PHOENIX, AZ – The Federal Health Care Law, also known as the Patient Protection and Affordable Care Act (PPACA), was signed into law in March of 2010. With most of the provisions being phased in this year to take effect on January 2014, Infiniti HR, a payroll and benefits company that help businesses reduce costs by effectively managing human resources, discusses the impact and what employers need to know in 2013.
PPACA aims to increase the number of uninsured Americans and to reduce the overall healthcare costs. But as a small business owner, what do you need to know? Infiniti HR believes there are three fundamental provisions: the requirement to have health insurance, the existence of exchanges where consumers can purchase coverage and penalties for employers that don’t offer insurance for those who get coverage through exchanges.
Infiniti HR aims to help you understand how to minimize your tax liability, how to abide with the new regulations and how to develop a health insurance plan in the new market that makes sense for your business. It all starts with education and knowing the tax credits available and possible implications to employers and individuals.
With PPACA, there are alternative and possibly advantageous options available to employers and individuals such as self funded options and small business health options programs (SHOP). These alternatives may offer small businesses and their employees new options and flexibility in choosing plans that fit their needs and budget.