Obamacare

Posted on Monday, July 23, 2012

The Patient Protection and Affordable Care Act (PPACA), known as ‘Obamacare’, was signed into law on March 23, 2010.  On June 28, 2012, the Supreme Court upheld the act as constitutional.  The law requires all U.S. citizens to be covered by health insurance.  Several provisions of the law have already been enacted, while others have yet to be implemented.

The number of employees your organization has will determine what your organization is required to provide.

Less than 25 employees

Less than 50 employees

More than 200 employees

Also included in the act is the implementation of health insurance exchanges.  These allow individuals and employers to buy lower-cost health insurance as part of a purchasing pool.  Employers with less than 100 employees and individuals with income between 133% and 400% of the federal poverty level will be eligible to participate in the exchanges, which are expected to be operational by January 1, 2014.

Some organizations may find it beneficial to extend their current insurance coverage to all employees while others may find it actually saves money to discontinue insurance and simply pay the penalty.

 

By:  Carrie Minnich, CPA  Manager

Posted in Tax And Accounting Topics For Business

Disclaimer: The information contained in Dulin, Ward & DeWald’s blog is provided for general educational purposes only and should not be construed as financial or legal advice on any subject matter. Before taking any action based on this information, we strongly encourage you to consult competent legal, accounting or other professional advice about your specific situation. Questions on blog posts may be submitted to your DWD representative.

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