There’s lots of new lingo built into the Affordable Care Act (ACA) health care reform law. Especially if you work for a small business, understanding what these six terms mean can help you make better decisions about the health benefits you may (or may not) want to offer your employees.
1. Employer shared responsibility
Although employers are not required to provide health coverage to their employees under the ACA, employers of a certain size will be subject to the employer shared responsibility provision of the law. It’s sometimes called the “employer mandate” or “play or pay.”
Beginning Jan. 1, 2014, employers with at least 50 full-time or full-time equivalent (FTE) employees that do not offer health benefits may be subject to a penalty. A full-time employee is generally one who is employed an average of 30 or more hours per week. Businesses with fewer than 50 full-time or FTE employees are generally not affected by thes...(register to read more)