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According to the U.S. Department of Health and Human Services, chronic disease is responsible for 7 out of 10 deaths among Americans every year. And we know that the costs associated with treating individuals with chronic conditions account for the majority of annual spending on medical care. Across the country, more employers are learning how nondiscriminatory employer-based prevention and wellness programs can help improve the overall health of our workers and control health care spending—and the Affordable Care Act is...
As a business owner, it’s important to understand how the Affordable Care Act may affect your business. However, with so many misconceptions about how the Affordable Care Act works, this can be difficult. As part of our ongoing blog series, “Myth vs. Fact: The Affordable Care Act and Small Business,” this week we’re debunking another common myth: If my business is located in a state that isn’t establishing a state-based Marketplace, the Affordable Care Act doesn’t have any impact on me....
Note: This blog is by Kathleen Sebelius, Secretary of Health and Human Services and first appeared at Healthcare.gov on April 30. Today, we take one more step toward meeting the promise of helping millions of Americans access quality, affordable health coverage. We have finalized the application you can complete later this year to learn what health insurance programs you are eligible for and the discounts to help pay for it. Starting in October, it will be the one application you can use to apply for the new ...
The Affordable Care Act includes new health care reform terms used to describe parts of the law that affect small business. Understanding what these terms mean can help both self-employed individuals and small employers better navigate the law and take advantage of reforms that are helping to lower premium costs and increase access to quality, affordable health insurance. Here are seven terms in the Affordable Care Act that small businesses should know. ...
One of the ways in which the Affordable Care Act helps bring down costs for small employers is through the tax credit available to eligible small businesses that provide health care insurance to their employees. The credit significantly offsets the cost of providing insurance and with the 2012 tax filing deadline fast approaching, you don’t want to let this valuable tax break pass you by. Here’s what you need to know about eligibility and how to claim the credit: What is the Small Business Health Care Tax Credit? Currently...
Small businesses are the backbone of our communities. And, in an economy where small businesses create two-thirds of jobs, owners and employees deserve a health insurance market with fairer prices, better choices, and greater certainty. With the implementation of the Affordable Care Act, that market is on its way. In recent years, the number one concern for millions of small business owners has been health care. Because they had less bargaining power, small businesses paid an average of 18% more for the same health insurance plan offered to...
Note: This article is by Kathleen Sebelius, Secretary of Health and Human Services and was first published on the official blog of healthcare.gov on March 15, 2013. Since the Affordable Care Act became law in 2010, health care cost growth has been lower than in the past – and lower than was projected when the law passed almost three years ago. Private health insurance premium growth per person was slower than overall economic growth in 2011, and a new survey by Towers Watson/National Business Group on Health found that the growth in...
Many of the provisions of the Affordable Care Act affect small businesses differently depending on their size. For self-employed individuals in particular, there are new options for health coverage and other changes under the health care law that will directly affect you in the coming months. New Options for Health Coverage through the Affordable Insurance Marketplaces Under the Affordable Care Act, self-employed business owners now have more options than ever to find affordable health coverage. Beginning in January 2014, self-...
As the tax filing deadline approaches, we know that many small business owners are looking for ways to save money as they prepare to file their tax returns. Although the Affordable Care Act does not require that businesses provide health insurance, it does offer tax credits for eligible small businesses that choose to provide insurance to their employees for the first time, or maintain the coverage they already have. Does My Business Qualify for the Health Care Tax Credit? Through 2013, to qualify for a small business tax credit of up to...
As a business owner, it’s important to understand how the Affordable Care Act can affect your business. However, with so many misconceptions about how the Affordable Care Act works, this can be difficult. To clarify the myths versus facts, we’re launching a new blog series called “Myth vs. Fact: The Affordable Care Act and Small Business”. This blog covers one of the most common myths we’ve seen out there: All businesses will be required to provide health insurance to all of their employees. Fact:...
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This blog is provided for informational purposes only and is not intended as legal or tax advice. Readers should consult their legal or tax professionals to discuss how these matters relate to their individual business circumstances.
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by Meredith K. Olafson, Community Moderator on Tuesday, June 4, 2013 - 16:31