Tuesday, September 3, 2013

What does Obamacare mean for business?

The Affordable Health Care Act will hit U.S. businesses hard next year. Or maybe it won't. Or maybe it will affect your business, but not the one down the street.
The law - commonly called "Obamacare" - requires that companies with 50 or more workers provide affordable health coverage for their workers. It sounds simple enough, but in reality, it's proven to be so complex that many business owners are unsure what the requirements are, how it will affect their bottom line or whether they even fall under its mandates.
Can they afford to offer health insurance to their employees? Should they be making changes to the insurance plans they do offer? Do they need to alter operations to either avoid the requirement or free up the money to meet it?
To help local companies get answers to some of their questions and cope with the law's requirements, the Colorado Springs Regional Business Alliance hosted "Health Summit 2013 - "Healthcare Reform: Make it Work for You!" last week. About 75 employers attended the summit, expressing their concerns over a number of issues, among them: the mandate itself and who is affected; the tax credits available to help small businesses afford health insurance for their employees; and the nitty-gritty points of the law.

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