The Patient Protection and Affordable Care Act , otherwise known as the ACA, enacted comprehensive health insurance reforms designed to improve Americans access to affordable health insurance.
Key Provisions of the Affordable Care Act
The Affordable Care Act was created with the idea that no two businesses are alike. The act includes a variety of measures tailored for small business that helps lower costs and increases access to quality health insurance. Depending on whether you are self-employed, an employer with fewer than 25 employees, an employer with fewer than 50 employees, or an employer with 50 or more employees, different provisions of the Affordable Care Act may apply to you. Learn about the key provisions of the Affordable Care Act based on the size of your business below.
Frequently Asked Questions
If your annual income is less than $9,350, or household income is less than $18,700, you won't be required to get health insurance in 2014. You're also exempt if you have to pay more than 8% of your annual income toward health insurance premiums.
If none of these exemptions apply, then you'll be required to get health insurance under the individual mandate of the Affordable Care Act, starting January 1, 2014.
An employer’s size is determined by the number of its employees. Employer benefits, opportunities and requirements are dependent upon the employer’s size and the applicable rules. Generally, an employer with 50 or more full-time employees or equivalents will be considered a large employer.
Certain affiliated employers with common ownership or part of a controlled group must aggregate their employees to determine their workforce size. Proposed regulations (pdf) and FAQs provide more information about determining the size of your workforce.
As always, you can contact your local SBDC for more information about the Affordable Care Act or small business in general. You can also look for more information at: