Episode 6 of the YFE Podcast features Dr. Roger Stark, a retired physician and author of numerous in depth studies on health care policies. Dr. Stark is also the health care policy analyst at Washington Policy Center. He outlines how the health care laws will effect small business employers over the next four years.
In the first few years, there are new definitions put into place and employer tax credits for small business owners you should be aware of. There is also certain health care benefit information which should be outlined on employee W2 forms, and employers are required to file 1099 forms. 2014 is when the bulk of the new law takes place. This is when every adult is required to have insurance and when employers with more than 50 employees are required to pay for employees health insurance or pay a fine or tax. The government will also place minimum benefit mandates on every insurance policy where every insurance policy must meet certain requirements set by the federal government.
This is a very wide encompassing law that also touches on taxing on drugs and insurance companies, medicare, and much more. There are some gray areas in the legislation around this law, so certain parts may be outlined differently now than when it rolls out in the following years.
It is extremely beneficial to listen to Dr. Stark go into further detail as he outlines what the reform means for you as an employer and what you should be aware of.
Check out Episode 6 to learn more.
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