Get Ready For ObamaCare – A Checklist

With ObamaCare coming to everyone, understanding what you have to have done in order to be compliant is essential. It doesn’t matter if you’re an individual, have a small business or are part of a large corporation, these are a few things you must have checked off before you proceed.

Individuals:

– Realize that starting January 2014 you must have health insurance or pay a tax. You may qualify for a subsidy or tax credit however, so making sure of your status is essential.

Small Businesses:

– Check with employees for family sizes, birth dates of spouses and children and household incomes for subsidy participation.

– Distribute SBC (Summary of Benefits and Coverage) to all employees and Exchange notifications where applicable.

– Inform all employees of the need for health insurance or tax penalties and amend the waiting period for new hires to 90 days.

– Increase Medicare payroll and include health care benefits in W-2s.

Large Businesses:

– Do everything small business does and educate employees on the health care requirements, the Pay or Play penalties and ensure employee contributions are under 9.5% of W-2 earnings for lowest paid employee.

This is by no means a full checklist as it only hits the highlights. To make sure you are truly ready for ObamaCare, work with a professional company such as Pilkington Financial Services in Sterling, CO to make sure you, your business or your corporation has everything in place to be fully compliant. They offer individual health plans, group plans, disability insurance and long term insurance so you know you’ll have the coverage you need.