Healthcare law in Bossier City, LA
The Affordable Care Act (“ACA”), commonly called Obamacare around the country, is a complex and ever-changing set of insurance-related guidelines individuals must comply with in regard to providing health care insurance for their employees. If you’re dealing with healthcare law in Bossier City Louisiana, here are a few helpful tips to make sure you keep your business in compliance.
Understand the term employer shared responsibility
While the ACA does not require employers to provide health coverage to their employees, businesses with more than 50 full-time employees will be subject to a shared responsibility payment. For this provision, full-time employees are generally workers who complete at least 30 work hours each week.
Understand Small Business Tax Credits
Though small businesses are not required to provide health coverage, those that choose to provide coverage, can qualify for small business tax credits to help offset the costs.
To be eligible for the benefits, you must have fewer than 25 full-time equivalent employees, pay average annual wages below $50,000, and contribute 50 percent or more toward your employees’ self-only health insurance premiums.
Understand what a qualified healthcare attorney can do for you. The business of staying in compliance with the ACA is not for the faint of heart and a qualified legal expert in the healthcare specialty can be worth their weight in gold if they save your business expensive tax fees and other fines for non-compliance.
Areas that healthcare attorneys can guide business owners include:
- Required Amendments to Existing Health Plans and Insurance Contracts
- Required Notices and Government Filings
- Form 5500 Filings
- “Wrap” Documentation for Existing Plans
- FSA and HRA Revisions
- Summary Plan Descriptions (“SPD’s”) and Notice of Material Modifications
- Provision of Essential Health Benefits (“EHBs”)
- Exemptions, Corrections, Penalties and Appeals
- Determination of Employee Coverage.
