Expect More Small Business Healthcare Reforms in 2014

The Affordable Care Act and the associated federal website met with challenges in 2013. Glitches in the website made it difficult for private citizens and businesses to obtain health insurance, but fixes are underway that many hope will solve the problems. More healthcare reforms are on the horizon in 2014, which makes it important to stay on top of the changes to get the best coverage.

There are a number of changes in store for small and large companies. Small businesses had until December 23, 2013 to sign up for insurance that will start on January 1, 2014. They will have until January 5, 2014 to make their first payment without being assessed late fees. Also, employers cannot make workers wait longer than 90 calendar days to get health insurance. Even though the Small Business Health Options exchange is not available to small businesses in states with federally funded exchanges, small businesses can still get a tax credit by signing up for a SHOP qualified plan.

Given all of the new rules in store for healthcare, it makes sense to stay abreast of the changes. For additional information on healthcare reform in Colorado, please contact Pilkington Financial Services