Businesses should prepare for new healthcare laws
The new federally mandated healthcare policies will not go into law until January 1, 2014, but companies are already preparing for how the new regulations will affect their bottom lines. No one is quite sure what the final numbers may be, writes BusinessNewsDaily, however, there are existing numbers that companies can consider when planning for the future.
From 2010-2014, small businesses with 25 or fewer full-time employees may be eligible for a 35 percent tax credit, with that rate expected to jump to 50 percent in 2014.
In 2011, small businesses can withhold additional funds from employee pay checks to fund long-term health plans, and in 2014, companies with at least 200 employees must automatically enroll their workers in a plan.
These three laws could all affect a small business' bottom line. Therefore in advance of the changes, companies are advised to learn how these new regulations will affect operational costs, Robert Graboyes, senior healthcare advisor for the National Federation of Independent Businesses, told BusinessNewsDaily.
"What I want to emphasize is that every single year for the next nine or 10 years, employers need to talk with accountants, insurance brokers, attorneys," Graboyes said.
The healthcare overhaul is expected to save the small business sector $40 billion by 2019, but every business may not be affected the same way. Due diligence will be required by every owner to decipher savings opportunities.
From 2010-2014, small businesses with 25 or fewer full-time employees may be eligible for a 35 percent tax credit, with that rate expected to jump to 50 percent in 2014.
In 2011, small businesses can withhold additional funds from employee pay checks to fund long-term health plans, and in 2014, companies with at least 200 employees must automatically enroll their workers in a plan.
These three laws could all affect a small business' bottom line. Therefore in advance of the changes, companies are advised to learn how these new regulations will affect operational costs, Robert Graboyes, senior healthcare advisor for the National Federation of Independent Businesses, told BusinessNewsDaily.
"What I want to emphasize is that every single year for the next nine or 10 years, employers need to talk with accountants, insurance brokers, attorneys," Graboyes said.
The healthcare overhaul is expected to save the small business sector $40 billion by 2019, but every business may not be affected the same way. Due diligence will be required by every owner to decipher savings opportunities.
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