ObamaCare Impact on Large Business
May 15, 2013
ObamaCare is forcing many businesses to completely change the way they provide benefits for their employees. Financially, ObamaCare’s impact on large business could be immense.
ObamaCare’s Definition of Large Business
The ObamaCare legislation defines a large business as any business with 50 or more full-time equivalent employees (FTES).
Two Areas of Financial Impact for Large Business
In addition to the five areas of impact upon small business, here are two changes specific to large businesses of over 50 employees.
- Qualified health insurance plan. All large businesses will be required to offer a qualified health insurance plan to all employees. If you refuse to offer a qualified plan, you will be subject to tax penalties. If your plan is not compliant with the law, or if it is too costly for your employees, the business could be taxed at a rate of from $750- $3,000.00 per employee.
- Subsidies. If the rate of your plan is too expensive for the employees, and if even one employee qualifies for these special government subsidies, then the tax penalties automatically kick in.
Prepare for ObamaCare’s Impact Today
Every large business must begin TODAY to evaluate its healthcare and benefits options, and ensure they are in compliance with this game-changing legislation—or be at financial risk.