Small businesses offering healthcare through Obamacare
In the year 2010, the Obamacare Act or the Affordable Care Act was enacted in order to make sure that everyone can avail healthcare insurance. The Medicaid program extension and support medical care delivery were expected from it. Unless you are exempted from the payment of any fees, you are required to pay it when you are not covered by any healthcare scheme. But individuals had to enroll every year between the dates Nov. 1 to Dec. 15.
There was another program named Small Business Health Options (SHOP) along with the Affordable Care Act to ensure that the employers provided healthcare insurance to the employees. For the full year, outside the enrolment period, it covers dental as well as healthcare scheme.
In the small business or nonprofit organizations, employers need to have a minimum of 1 or a maximum of 50 employees. The employees have the option to select one or more healthcare plans. 90 days from the date from which the employee starts working, the employer will have to provide the healthcare coverage. An amount can be set for paying employee premiums by the employees in order to find out if they can provide dependent coverage. In order to offset costs, the employees may be provided a Small Business Health Care Tax Credit.
Only the employees with the number of full-time employees less than 25 and earning less than $50,000 can qualify for this.
Those who do not have even one full-time employee, they need to get registered through the Marketplace. This can be during the open enrollment season except in certain circumstances such as baby birth, job loss, divorce, etc. It is quite easy to enroll by connecting with the healthcare broker or else visiting the healthcare.gov site.
Miami Accountant Fajardo And Associates can help