If small Federal Contractors didn't have enough to worry about with budget cuts and Sequestration and all there is also the unknown that relates to the pending changes in healthcare. Of course I'm referring to the Affordable Care Act (ACA) or as it is affectionately known, Obamacare. We have all heard about it in one form or the other but most people don't understand what it means to them. This is understandable since the ACA is so complex and difficult for a layperson to understand. There are a few simple directives from the ACA that are very straightforward like for instance, companies that employ more than 50 people will be required by law to provide health insurance plans to all full-time employees. Some statistics that I saw show that something like 90% of the companies with more than 50 employees already were providing health insurance to their employees. What this 90% needs to address is whether or not their plans need any revisions to comply with the minimum Obamacare requirements (if not penalties could be imposed). The real impact here is on the 10% that are not currently providing that healthcare - they will see significant increases in fringe costs. The penalties for not providing healthcare are up to $2,000 per employee and up to $3,000 per employee if the company is providing healthcare but not to Obamacare requirements.
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Posted by Mike Anderson on Tue, Jun 18, 2013 @ 05:00 AM