Business owners nationwide are preparing for the Affordable Care Act, also known as Obamacare. To help them understand the requirements and how they can best prepare, The NATSO Show will feature an educational session with Gene Marks, a columnist, small business owner and certified public accountant. Marks is a well-known expert on the Affordable Care Act and has written for The New York Times, Forbes and The Huffington Post on the topic.
Here are some of Marks’ key insights that will help you think through your approach to the Affordable Care Act.
In a recent article in Inc., Marks said employers have three options: keep the same health insurance and make sure they’re covering their full-time employees (those working 30 hours a week); eliminate health insurance plans completely, feed their employees into state health exchanges and pay the penalties; or eliminate health insurance, pay penalties, but also offer employees an allowance to help them pay for their health insurance.
On Fox and Friends, Marks said it is possible that business owners could increase their employees’ paycheck, pay the Obamacare penalty and still save money.
Employers may consider slowing their business’s growth so they have fewer than 50 employees, which would make them exempt from the requirement, Marks said in an interview on Fox Business.
On a similar note, some business owners are beginning to shift to more part-time employees because they aren’t required to provide their health insurance, Marks said in an article on the Huffington Post on the 5 Reasons Business Owners Are Scared of Obamacare.
To hear directly from Marks and learn more about how to prepare for the Affordable Care Act, attend his breakout educational session Your Business, Your Future: What You Need To Know About Healthcare Reform.