Signed into law by President Barack Obama on March 23, 2010, the commonly called Affordable Care Act (ACA) will increase the quality and affordability of health insurance. By expanding public and private insurance coverage, it is the goal of ACA to greatly reduce the number of uninsured Americans.
As the biggest overhaul in publically funded health insurance in over 50 years, many people are excited, worried and curious about the new requirements. And the questions are never ending: Who is directly and indirectly affected by the new law? What are the necessary steps? When are the deadlines?
Obamacare and Small Businesses
Businesses have a whole different level of responsibility under the health care reform. To one degree or another, every individual and every business is affected by the newly introduced Affordable Care Act, also known as Obamacare.
As a small or medium sized business, your first step is to get informed. Various resources are in place to explain the many aspects of the health care reform, such as the U.S. Small Business Administration, where a weekly webinar series explain the basics of the new provisions.
The law applies differently to businesses employing less than 25 people, less than 50 people, and more than 50 people. Find out what you need to do as a small business owner as defined by the new law.
Various requirements of the statute become applicable at different times to different people based on complex qualifications. Open enrollment, plans taking effect and mandatory purchases of insurance all happen at different times, in different states and for different groups. Find out when you need to decide and when the changes will happen.
Finally, you must pass on the information and your company’s plans to your employees. Once they know where your business stands they can go on to make their own decisions regarding their health care.
Ask a professional for assistance in understanding the complex specifics of the Affordable Care Act and find out what your unique business qualifies for in terms of tax credits and requirements.
Depend on Advance Funds Network
With all of the buzz going on about changes in health care, you may be concerned about the impact of the Affordable Care Act on your small or medium sized business. For every new event in the business world, Advance Funds Network has been a reliable source for assisting companies with funding needs. If the initial costs of purchasing health care for your employees seem daunting, then look to us for flexible financing solutions. AFN provides dependable business credit lines, business cash advances, small business loans, and invoice factoring.
Our financial services are not limited to health care funding; AFN has financed many different company endeavors. With the customized funding plans that fit whatever unique needs your business faces, funds obtained from AFN can be used completely at the borrower’s discretion. Our business credit lines will keep your company moving forward through health care reform and any other changes.