In todays article we are going to continue our series on How to Hire and Manage with a view on everything that an owner of a small business needs to know about Obama Care, so lets get started!

1. the ultimate guide to obamacare
for small businesses
by FitSmallBusiness.com

2. how will the affordable care
Act impact your business?

3. This guide is designed to
explain the key features of the
Affordable Care Act, also
known as Obamacare.

4. Part I of this guide Introduces
the key features of the
Affordable Care Act.
Part II explains how
Obamacare will impact small
businesses of different sizes.

5. part I: the key features of
#2 The major job Boards
obamacare

6. Understanding the Size of Your Small Business
The impacts of Obama care differ depending on the size of your
small business. There four size categories:
1. Self-employed
2. Fewer than 25 employees.
3. 25-50 employees.
4. More than 50 employees.

7. Understanding the Size of Your Small Business
The size of your small business is based on the number of “full-time
equivalent employees”, or FTEs. FTEs are calculated by adding the
total number of full time employees, plus the total number of parttime employee hours divided by 30.

8. Understanding the Size of Your Small Business
For example, if your company has 20 full-time employees that work
40 hours/week, plus another 10 part-time employees that work 20
hours/week, you would calculate your FTEs as follows:
20 full time employees + (200 part-time hours ÷ 30) = 26.66 FTEs.
In this case, your business would fall in the 25-50 employee range.

9. Shop Exchanges: The Small
Business Health Options Program
These are marketplaces designed
specifically for small businesses. SHOP
exchanges give small businesses greater
purchasing power within a wide variety of
Qualified Heal Plans (QHPs) that meet
their budgets.

10. SHOP exchanges offer small business
owners a number of benefits such as
control over the coverage you offer and
how much you pay toward employee
premiums.
If you use the SHOP exchange, you must
offer coverage to all of your full-time
workers and at least 70% of your
employees must enroll in the SHOP
exchange.
For additional resources click here and here.

11. Small Business Tax Credit
Tax Credits are available for small
businesses that purchase through the
SHOP exchange on a sliding scale
depending on the number or employees
and average annual wages.

12. The largest tax credits are available to
small businesses with fewer than 25
FTEs. Currently, these businesses can
apply for tax breaks of up to 35% of
their contribution to employees
premiums. In 2014, the tax credit
amount will increase to 50% for small
businesses, and 35% for non-profits.

13. In order to qualify for tax credits,
insurance must be purchased on the
Affordable Insurance Exchange for at
least two years. The credits can be
claimed on your income tax return with
an attached Form 8941, which must
show calculations for the credit.

14. In order to gain a greater
understanding of your potential
healthcare tax credits, see the
Small Business Health Care
Credit Estimator available here
and check a great flowchart
here.

15. The “Employer Mandate”
Is a “shared responsibility” penalty fee
for all employers with more than 50 FTEs
that do not provide healthcare to their
employees. This fee does not begin until
2015, and does not apply to small
businesses with fewer than 50 FTEs.

16. For a visual explanation of how the
“Employer Mandate” applies to
you, see the flow chart here and
this additional resource.

17. New Cost For Small Business
1. There is a $63 pre-existing conditions
fee, which employers can pass on
employees.
2. If Your Business makes more than
$250,000 in taxable profit, you will have
to pay a 0.9% increase on the current
Medicare part A tax.

18. part 2: obamacare and
#2 The major job Boards
your business

19. The impacts of the Affordable Care Act differ according to
the size of your small businesses. This section will help you
identify how Obamacare impacts your business based on
your number of FTEs.

20. SELF-EMPLOYED
If you’re self-employed you can get
coverage through the individual
market of your state’s Health
Insurance Marketplace. You will not
use the SHOP Exchanges, but rather
the Individual Marketplace.
Please see this page for an explanation of
your options and obligations. And here to
purchase insurance.

21. FEWER THAN 25 EMPLOYEES
Small business with fewer than 25 employees receive the greatest benefits from
Obamacare. If your business has fewer than 25 employees, your business is exempt
from the “Employer Mandate”.

22. Employers with less than 25 full-time workers each making less than $50,000 a
year may also be eligible for cost assistance via premium tax credits if they use
the SHOP exchange.
Please see this page for an explanation of your options and obligations. And here to
purchase insurance.

23. 25-50 EMPLOYEES
Small business employers with 25-50 FTEs
are exempt from the “Employer Mandate”,
but will not have access to the same tax
credits as those small businesses with
fewer than 25 employees.
Use the Small Business Health Care Credit
Estimator to see if your business qualifies
to Tax Credits.

24. Please see http://www.sba.gov/content/
employers-with-up-to-50-employees for a
comprehensive explanation of your options
and obligations.

25. MORE THAN 50
Small business employers with more than 50 FTEs can purchase health insurance
through the SHOP Exchanges, and are not exempt from the “Employer Mandate”,
which takes effect in 2015.

26. Furthermore, your business will not have access to the same tax breaks as those
small businesses with fewer than 25 employees. Tax credits are available for
small businesses on a sliding scale depending on the number of employees and
average annual wages, so use the Small Business Health Care Credit Estimator to
see if your business qualifies.

27. Please see http://www.sba.gov/content/employers-with-50-or-more-employees
for a comprehensive explanation of your options and obligations.

28. For All Categories
Be aware that if your business does $500,000 in annual dollar volume of
business, you are required to notify your employees about the new Health
Insurance Marketplace; inform them that they may be eligible for a premium tax
credit if they purchase coverage through the Marketplace; and advise them that
if they purchase a plan through the Marketplace, they may lose the employer
contribution (if any) to any health benefits plan offered by the employer.

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