November 2015 President's Message
Affordable Care Act – UPDATE…
Courtesy of our NAWBO Executive Member Partners, Lynn Weirich, Business Financial Group and Shirley Crandall, Crandall & Associates Insurance at our October Women Mean Business Luncheon we learned:
On behalf of all small business owners, thank you Lynn and Shirley for sharing your knowledge of the Affordable Care Act through your informative and entertaining presentation.
- Effective January 1, 2016, only companies with 50 or more Full Time Equivalent Employees (FTE) are required to provide health insurance for employees or pay a fine
- The revised definition of a large group plan versus a small group plan: On October 7, 2015, President Obama signed into law H.R. 162r, giving states the ability to determine their small group size instead of being forced into the single nationwide standard in 2016
- In 2018 if the business group plan’s premiums exceed a certain threshold a 40% excise tax will be applied to the employer
- Employers will in some capacity be required to report who has coverage and the cost of coverage to the IRS
For more information on this ever-changing topic you are welcome to contact:
Lynn Weirich Shirley Crandall
Continue to capitalize on your membership by attending our monthly Women Mean Business events.
We look forward to seeing you on Thursday, November 12, 2015, where we will learn about “Hot Topics in Employment Labor Law”.
Together we will Connect, Lead, and Inspire…
Posted by Cristina Morales Heaney on 6th November, 2015 | Comments | Trackbacks
Categories: President's Message
Tags: Business Financial Group, Cristina Morales Heaney, Cristina Heaney, Lynn Weirich, Women Mean Business, Shirley Crandall
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