Obamacare is a term that has been thrown around for the past couple of years. In reality, this term refers to the Patient Protection and Affordable Care Act. This is a piece of legislation that was upheld by the Supreme Court on June 28, 2010. This Intuit infographic outlines statistics on what Obamacare means for your business.
The average annual premium for families increased 9 percent between 2010 and 2011, while companies with three to nine employees actually saw a decrease in cost. So did companies with 10 to 24 employees.
Once Obamacare takes effect in 2014, there are a few changes to note. First, companies with 50 or more employees will be required to provide health insurance and could be fined if they fail to do so. It’s not enough to simply provide health insurance, though. The coverage that is provided cannot create a financial hardship for the employee, meaning it cannot total more than 9.5 percent of the employee’s household income.
Check out the infographic below for more insights on what Obamacare means for your business.
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