Imminent Health Law Requirements May Take Some Small Business Owners By Surprise
Starting Jan. 1, companies with 50 to 99 full-time employees must offer them health insurance or face fines. They also face new tax reporting deadlines on Jan. 31. In related health law news, a new survey finds that "$100 or less" is the limit that most consumers say they can afford in monthly health insurance premiums. And Minnesota Public Radio reports on the Cadillac tax debate.
The Associated Press:
Crunch Time At Small Businesses As Health Care Demands Loom
It's crunch time for thousands of small business owners who must comply with requirements of the health care law for the first time. Companies with 50 to 99 full-time employees must offer affordable insurance to employees and their dependents starting Jan. 1. They must also file tax forms with the government by Jan. 31 detailing the cost of their coverage and the names and Social Security numbers of employees and their dependents. While companies of all sizes are subject to the law must file the forms, smaller businesses without big staffs to handle the paperwork may have to hire someone to do it — at a cost of hundreds or thousands of dollars. (Rosenberg, 10/21)
CNBC:
Insurance Premiums: Is $100 The Next Obamacare Hurdle?
A large majority of adults say "$100 a month or less" is the highest monthly premium they can afford to pay for health insurance in 2016, according to a survey released Wednesday. The HealthPocket.com report found that 57 percent of respondents named that price range when asked about coverage affordability. The second-most common answer was $200 per month, which was the response of just 17 percent of respondents. (Mangan, 10/21)
Minnesota Public Radio:
Approaching Health Law Tax Is Not Just A Levy On Luxury
The last major piece of President Barack Obama's health care law could raise costs for thrifty consumers as well as large corporations and union members when it takes effect in 2018. The so-called Cadillac tax was meant to discourage extravagant coverage. A growing chorus of critics from Hillary Clinton and Bernie Sanders to the entire GOP field say it's a tax on essentials, not luxuries. It's getting attention now because employers plan ahead for major costs like health care. (10/20)
