Issue link: http://www.insightdigital.biz/i/85110
INSIGHT ON HEAL T H INSURANCE By Tom Groenfeldt Uncharted territory Small businesses contemplate impact of Affordable Care Act on open enrollment T insurance agents and consultants. Although the main provisions don't kick in until 2014, counting hours to determine who is a full-time employee starts Jan. 1. "The typical small business owner he Affordable Care Act (ACA) deadlines are going to catch a number of businesses by surprise, according to won't have the expertise to navigate this," says Monica Vomastic, owner of Landmark Staffing in Appleton. Business owners with more than 50 employees — the cutoff for the new health insurance rules — should talk to their insurance agent or broker, and their accountant soon, if they haven't already. To demonstrate her point about complexity, Vomastic sent along a summary of one section of the regulation as explained by the American Staffing Association: "The act imposes tax penalties on employers with 50 or more employees if they don't offer affordable health insurance coverage to their full-time employees and dependents and if they have even one full-time employee who receives a tax subsidy to help the employee buy coverage through a state- run health benefit exchange. In such cases, employers would owe a tax of "We expected a lot of confusion, but it was fairly simple. Aon created some tools to help people make good decisions – a short list of questions and the tool helped guide us to reducing the number of choices." – JERRY MORRIS, senior health and benefits consultant for Aon www. insightonbusiness.com $166.67 per month for every full-time employee (over 30 employees). (The first 30 full-time employees are exempt.) Employers that do offer health insurance coverage to their employees would pay a penalty of $250 per month, but only on those full-time employees who receive tax subsidies. leader for health and benefits at Aon. The brokerage and consulting firm, which works with all the major health insurers, expects most companies will offer plans that hold down cost hikes for employees who participate effectively in wellness programs. Those who won't lose " says Patrick Georgia, practice are trying to decide their strategy for the future, Employer response has been mixed. "Ninety-eight percent of companies " [continued] » October 2012 • INSIGHT | 33