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1. Describe the impact of ACA on Small Businesses without Employees.
Impact of ACA on small businesses without employee i.e sole proprietors will be same as impact on individuals. One will be able to buy insurance from marketplace. One will be subjected to penalty $95, $325, $ 695 in 2014, 2015 & 2016 respectively if without coverage. As penalty is capped at average premium for bronze-level insurance, it will be advantageous to individuals to buy insurance coverage especially for those with low income.
2. Describe the impact of ACA on Small Businesses with Employees.
ACA is categorized businesses in 4 groups, from less than 10 employees, less than 50 emplyees, less than 100 emplyees and greater than 100 employees. Smaller group gets the most benefit in terms of tax credit, fees and exemption from employer mandate. Tax credit ranges from 50% to 35% for most small businesses with average salary of $25,000. While smaller businesses with less than 25 employees get exemption from employer mandate, smaller businesses with less than 50 employees are subjected to fees only for employees about 30. In nutshell it would mean on sliding scale, more tax credits and incentives for small businesses with fewer employees to small businesses with more than 50 employees. One important aspact of ACA is that its retroactively applicable so small businesses can utilize these benefits for prior years if not already done.
3. What type of Small Business does ACA benefit the most and why?
Small bnusiesses with less than 10 employees average annual wages of $20k or less are the once to receive most benefit. They can avail maximum stipulated tax credit of 35% in 2013 and upto 50% in 2014 onwards for 2 years. These benefits will start to diminish as number of employee approaches 50 and average annual wages of $50k.
4. What is important to note for Small Businesses with over 200 employees?
Small businesses with over 200 employees are mandedted to provide health care coverage on their own to their employees with enrolling all by default. This requirement has been delayed till 2015. IF not providing they may be subjected to $2000 penalty or $3000 if employees opt for Marketplace insurance on their own.
5. Why does the Small Business Health Options Program claim to be beneficial?
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