Perry Chamber of Commerce

November 7, 2013 The ACA and Small Businesses

Peter Williams University of Georgia Small Business Development Center

Disclaimer
This presentation expressly intended for educational purposes only and does not constitute legal, tax, or insurance advice. Readers/listeners should consult their legal, tax, or healthcare advisors to discuss how these matters pertain to their individual business circumstances.

UGA Small Business Development Center

Partnership between UGA and the U.S. Small Business Administration Forty experienced consultants operating state-wide offer, at no cost, confidential, individual consulting to businesses and entrepreneurs

The ACA and Small Businesses

We have a new financial model where you dont get paid anything
Source: The New Yorker

Theres a Lot to Cover .

Photo credit: J. Scott Applewhite

Self Employed Business Owners

Business owners with no employees must obtain coverage for themselves (the Individual Mandate) Estimated 25% of small business owners are uninsured* May purchase individual coverage through Insurance Marketplaces; May qualify for tax credits/cost sharing reductions

*Source: Small Business Majority

Small Business
How many full-time equivalent employees (FTEs)?
FTEs 50 or more Up to 50 Under ACA Large Employer Small Employer

24 or Fewer

Eligible for tax credits

Large Employers
Small Businesses with greater than 50 employees will be required, beginning in 2015, to Play or Pay:
1. provide health insurance benefit (tax-deductible); or, 2. make a per capita employer shared responsibility payment (not taxdeductible)

Source: Small Business Administration

Large Employers

Small Employers
Small Businesses with fewer than 50 employees are exempt from Play or Pay; they are required to neither:
1. provide health insurance benefit to employees, nor 2. make employer shared responsibility payment

Source: Small Business Administration

The Big Question

Federal Health Care Tax Credit

Up to 50% in 2014 and beyond Firms under 25 employees are eligible

Source: IRS.gov

Small Business Health Options Program

SHOP is part of the new Health Insurance Marketplaces (the Exchanges)

Whos Eligible for SHOP?

Once enrolled, employer can grow and still remain in SHOP

Source: Small Business Administration

UGA Health Navigators

UGA College of Family & Consumer Sciences UGA Navigator for Houston County is Tamra Allen (478-864-3373 or 877-762-8442)

Resources
http://business.usa.gov/healthcare www.healthcare.gov www.sba.gov

www.kff.org
http://www.fcs.uga.edu/hace/navigator.html (Google UGA Health Navigators)

Resources
Affordable Care Act 101: What the Health Care Law Means for Small Businesses (Small Business Administration) Affordable Care Act 201: Employer Shared Responsibility Provisions (Small Business Administration) Navigating the New Health Care Law: For Sole Proprietors and Small Businesses 50 Employees or Less (Pennsylvania SBDC)

Contact
UGA Small Business Development Center Macon Office 4875 Riverside Drive, Suite 202 Macon, GA 31210 478-757-3609 Josh Walton (Area Director) Lisa Perry Peter Williams

Disclaimer
This presentation expressly intended for educational purposes only and does not constitute legal, tax, or insurance advice. Readers/listeners should consult their legal, tax, or healthcare advisors to discuss how these matters pertain to their individual business circumstances.