New Health Insurance Requirements

Discussion in 'Business Operations' started by Charles, May 17, 2013.

  1. Charles

    Charles Moderator Staff Member
    Posts: 7,832

    I just started studying the new government policy of making us all have health insurance beginning the 1st of January 2014. From what I understand, businesses will get tax credits for insuring their employees. Penalties for not insuring them. Personal tax credits and personal penalties for having or not having health Insurance. This is going to happen whether we like it or not. So we need understand what is required. Find the best rates. The best rates are not usually the best Insurance policies.
    I don't want this to turn into a Political discussion. Nothing we can do to change things now.
    I found this IRS pdf to help us understand:dizzy: Anyone talk to their accountants yet and want to share what they learned? What are some good Insurance companies and policies out there in the market? What is your understanding of the cost of penalties for not having health Insurance?
    Remember--This is not a political debate:nono:

    http://www.irs.gov/PUP/newsroom/REG-148500-12 FR.pdf
     
  2. Mark Oomkes

    Mark Oomkes LawnSite Fanatic
    Posts: 11,302

    Part of the problem we're finding out is that the details are really not certain yet. Some things are, but not everything.

    I do know of a local credit union that reduced hours for a bunch of their employees so they wouldn't have to provide health insurance, as it would be unaffordable for them.
     
  3. zturncutter

    zturncutter LawnSite Bronze Member
    Posts: 1,308

    For me the employee part of the law is a non issue, I don't have 50 employees. My family plan has been in force for years and can be grandfathered in with no changes. We may see what we can do separately for my wife because she has asthma and that has been an exclusion for almost 20 years.
     
  4. Mark Oomkes

    Mark Oomkes LawnSite Fanatic
    Posts: 11,302

    zturn, it affects everyone, not just those with more than 50 employees.
     
  5. Charles

    Charles Moderator Staff Member
    Posts: 7,832

  6. zturncutter

    zturncutter LawnSite Bronze Member
    Posts: 1,308

  7. Charles

    Charles Moderator Staff Member
    Posts: 7,832

    Good link zturncutter:clapping: That is what this thread is all about. Clearing up the confusion concerning the health care law. We still have 6 months or so to do that and it may take that long:laugh:
    One things for sure is most of us have to have Health Insurance or face penalties$. The fines really jump up after the 1st year.:cry:
     
  8. chipk1

    chipk1 LawnSite Senior Member
    from Florida
    Posts: 392

    This is nice. There is no information available for Florida Healthcare Marketplace. Just says "Coming soon".... Nothing like giving people time to research their options huh....What a mess!
     
  9. zturncutter

    zturncutter LawnSite Bronze Member
    Posts: 1,308

  10. larryinalabama

    larryinalabama LawnSite Fanatic
    Posts: 16,268

    Just scrolled through the gov, link it says for me to look for private insurance, which I already have.
     

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