Health Insurance Options for Small Business

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Health Care Insurance Options and Changes You Should Know About Based on Your Answers

From the new Health Insurance Marketplace opening for enrollment for small employers in October 2013 known as the Small Business Health Options Program (SHOP), to benefits for seniors to preventive services for women and programs for families and children in need, learn how the Affordable Care Act is helping small business owners. For more information, please visit: http://www.healthcare.gov/marketplace/small-businesses/index.html

The Affordable Care Act gives hardworking families the security they deserve. The new health care law forces insurance companies to play by the rules, prohibiting them from dropping your coverage if you get sick, billing you into bankruptcy because of an annual or lifetime limit, or, soon, discriminating against anyone with a pre-existing condition.

Effective 2013, the maximum amount an employee may elect to contribute to health care flexible spending arrangements (FSAs) for any year is capped at $2500, subject to cost-of-living adjustments. Note that the limit only applies to elective employee contributions and does not extend to employer contributions. To learn more about FSA Contributions, as well as what is excluded from the cap, refer to IRS.gov

Beginning January 1, 2013, ACA increases the employee portion of the Medicare Part A Hospital Insurance (HI) withholdings by .9% (from 1.45% to 2.35%) on employees with incomes of over $200,000 for single filers and $250,000 for married joint filers. It is the employer?s obligation to withhold this additional tax, which applies only to wages in excess of these thresholds. The employer portion of the tax will remain unchanged at 1.45%.