There is nothing more pressing on the minds of business owners these days than Health Care Reform and what it might mean to them and to the businesses’ bottom line. The Patient Protection and Affordable Care Act (PPACA) was signed into law by President Obama in March, 2010. After many challenges, based upon many different arguments, the United States Supreme Court upheld the constitutionality of the law in a decision written by Chief Justice Roberts in June 2012. As such, while various details of PPACA are changing and evolving, the law itself is here to stay and business owners cannot ignore its requirements.
Understanding Health Care Reform is overwhelming, but implementation and compliance is going to be even more daunting. If you are an employer, small or large, PPACA will in some way affect your business. Health Care Reform is this nation’s new reality and must be addressed for the continued success of your business. Regulations are changing weekly and if you fail to be informed, you are placing your company at risk of increased costs and penalties.
Trying to understand Health Care Reform more often than not creates more questions than answers. But some of the more important questions include:
So you feel that you have enough of an understanding of PPACA to make an educated decision as to whether you want to offer health care benefits or if it makes sense to pay the penalties, but here are some other things to consider:
Alcott HR is a dedicated HR outsourcing resource that has over 26 years experience providing comprehensive HR solutions for small businesses. Payroll, benefits, HR, tax administration and regulatory compliance are some of the many services Alcott HR provides to small and mid-sized growing businesses across the country.
Working with Alcott HR, our clients experience