When will the mandate be enforced? The mandate has been postponed to be effective in 2016 for companies with between 50-99 employees. However, "Small businesses with more than 100 full-time equivalent employee with average annual wages above $250,000 must provide health coverage to at least 70% of full-time employees starting in 2015 and 95% of full-time employees starting in 2016" (according to the ObamaCare website). Business above this 100 employee mark that do not comply with this mandate will have to pay $2,000 per employee on the year end federal income taxes.
However, if your company has less than 50 FTE employees on average during the year, you may elect whether or not to provide health insurance coverage. A SHOP (Small Business Health Options Program) Marketplace opened online in November of 2014 and enables business of this size to more conveniently enroll in one of many health insurance offerings. |