Employee Health Insurance
The biggest area of confusion in business insurance today is health insurance. Some people are confused because of all the media coverage of the Patient Protection and Affordable Care Act (AKA "ObamaCare"), the federal law passed in 2010 that made major changes to the nations healthcare system. Business insurance companies generally have the most current information available to help you with your policy needs. Before you get a business insurance quote, however, it's important to understand a little bit about what the new law says.
What the Law Really Says
Despite what some people think, this law did not establish a national healthcare system like the ones in Canada or the United Kingdom. Rather, it requires all citizens to purchase private health insurance or face an increase in their income taxes starting on January 1, 2014.
This law affects individuals and not businesses; it does not require businesses to purchase health insurance policies for their employees. Instead, businesses that employ more than 50 people would face a $2,000-a-year tax penalty per employee if they dont buy health insurance for their employees starting in 2014. Since the vast majority of businesses employee less than 50 people, they would not be affected by this law. Many business owners are getting business insurance quotes to make the best financial decision for their companies.
Under this law, many businesses would be eligible for tax credits and participation in health exchanges that would help them purchase employee health insurance.
The nature of these health exchanges and the way they would function has not yet been determined. Local insurance agents should have details of these exchanges if and when they start functioning, so any business insurance quote you receive should reflect the most current requirements..
Possible Changes to the Law
There could be major changes to this law before it goes into effect. The Republicans who are now in control of Congress have promised to repeal it.
Even though Republicans currently dont have enough votes to repeal the law, they could have the power to make major changes to it. What these changes could be is uncertain at this time.
This law will also have to be found constitutional by the U.S. Supreme Court before it goes into effect. It is possible that the Supreme Court could find provisions of this law unconstitutional, which would mean they could not be enforced. If this happens, Congress would have to revise the law.
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