October 1 is an important date for all business owners, no matter whether they are required to change their health insurance policies under the Affordable Care Act. Coverage will not officially begin until January 1, 2014, but starting October 1 of this year, small businesses and individuals can begin shopping for health care providers in state- and federally operated health insurance marketplaces. The systems will make it easier to comparison shop between insurance providers and hopefully lower overall prices due to increased competition, according to the Center for Medicare & Medicaid services.
As deadlines approach and workplaces begin to transition into new policies, small businesses are advised to keep abreast of other changes that will soon be in effect under health care reforms. As of January 1, 2014, employees working 30 hours or more will be considered full-time, and employers will be required to offer them health care coverage.
Businesses with fewer than 50 full-time employees are not required to provide workers health insurance coverage. However, this calculation is not as simple as it sounds. When workers' hours vary from one week to the next, they are considered full-time equivalent if their hours average out to 40 hours a week over a month-long period. Businesses with 50 or more full-time equivalent employees will be required to provide health insurance coverage.
Because of these complexities, employers should carefully track their employees' time and attendance records to ensure that part-time employees are not working over their scheduled hours. Accurate time and attendance software will be essential in ensuring a clean transition into new health care regulations in the coming year.
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