All companies have obligations under the ACA, no matter how many workers they have or whether they plan to provide insurance. They must provide information about insurance to employees. They need to think about what kind of insurance to provide, and whether to get it through a broker or to use the state or federal exchanges known as SHOP, or the Small Business Health Insurance Options Program.
Many owners are still in the dark. Tim Finnell, an employee benefits broker and consultant in Memphis, sees that when he holds seminars for small business owners. One last week drew 200 people.
“The average person doesn’t know what’s going on,” says Finnell, president of Group Benefits LLC.
Many owners also have incorrect information, says Matt Thomas, president of Worksmart Systems, an Indianapolis-based company that provides human resources services. Many believe that the Obama administration’s decision to give companies a reprieve from paperwork requirements until 2015 means they don’t have to comply with the rest of the ACA. That’s not true.
Here are three things that small businesses should be doing now:
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