What Does the Affordable Care Act Mean for My Business?

Affordable Care ActNo matter what your political leanings, coverage of the Affordable Care Act—more formally known as the Patient Protection and Affordable Care Act—has been impossible to ignore. And with good reason: the Affordable Care Act has brought about significant changes to the United States healthcare system, which has remained largely unchanged for decades.

One focal point of the debate over the new healthcare law is how the Affordable Care Act will influence businesses. For many small business lawyers, dealing with existing business law was confusing enough, so the new regulations did not help. If you’re a business owner in need of a McKinney attorney to help you understand the effects of the Affordable Care Act or any other business law matters, consult Lucé Law, PC.

The provisions of the Affordable Care Act have been phased into existence gradually since 2010, bringing about changes for individuals, insurance companies, and small businesses alike. Among the primary effects of the new healthcare law for businesses is the mandate for health care exchanges to be created in each state. These exchanges are intended to act as a marketplace on which small businesses and individuals can buy insurance after making head-to-head comparisons of coverage and premiums. Some businesses will receive government subsidies if they buy an insurance policy through one of the new exchanges.

Another new policy of the Affordable Care Act is that businesses that have 50 or more employees and do not provide healthcare coverage will have to pay a fee to the government if the government has to subsidize an employee’s health care. Subsidies are available to low-income Americans who purchase insurance through an exchange.

For any business small or large, staying on the right side of the law is a constant concern. For businesses that are accustomed to doing things one way, it can be difficult to adjust to changes overnight. The attorneys at Lucé Law have been providing sound business guidance and assistance to clients in the McKinney area for years and can help address your concerns. Call the firm today at 972-632-1300.