Chamber hears about Affordable Care Act

Published: Thursday, November 21, 2013 at 02:55 PM.

There will also be carriage and pony rides, food and drinks and the Washington County Historical Museum will be holding an Open House as part of the Christmas festivities.

The program’s topic was Affordable Care Act: Key Small Business Provisions, and it was presented by Donna Padgug, a business development specialist with the U.S. Small Business Administration North Florida District Office.

“Businesses that have fewer than 25 full-time employees and that pay average annual wages below $50,000 and contribute 50 percent or more toward employees’ self-only health insurance premiums may qualify for a small business tax credit of up to 35 percent,” Padgug said. “In 2014 this credit goes up to 50 percent.”

Another change will be the requirement that aggregate annual health care costs be reported on the W-2. However, the W-2 reporting requirement does not apply to employers required to file fewer than 250 Form W-2s in the previous calendar year.

“The employee does not have to pay tax on this amount, it is just for informational purposes.”

Padgug said employees of small businesses will have insurance options in January 2014, with open enrollment now ongoing, through the Small Business Health Options Program (SHOP), which will provide a broader-based insurance pool for small businesses to participate in.

The SHOP program will offer small businesses increased purchasing power to obtain a better choice of high-quality coverage at a lower cost.

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