Affordable Health Insurance for the self-employed and small businesses.
Irvine, CA (PRWEB) November 07, 2013
Now that the Affordable Care Act, or Obamacare, enrollment has begun, individuals and businesses all across the nation are wondering how their lives will be affected by this huge change in healthcare in the United States. Obamacare will become law effective January 1st, 2015.
Health Plans 4 Less, an organization that helps people understand insurance plans and save money, is rapidly becoming Obamacare specialists and wants to explain what this will mean for Americans.
Obamacare affects all individuals who do not receive healthcare through an employer. The new program is aimed at making health insurance plans affordable to everyone. The changes brought by Obamacare affect both individuals and businesses that employ more than 50 employees.
If an individual is looking to enroll in a health plan themselves, it is important to note that:
- Individuals with incomes between 138 and 400 percent of the Federal Poverty Level, or F.P.L., and are covered by an exchange plan may be eligible for refundable tax credits against the cost of healthcare coverage. The payment of credits will begin in 2014.
- According to the Department of Health and Human Services, the January 2013 poverty guidelines for an individual were $11,490. This means individuals who earn $45,960 or less in 2013 may be eligible for these refundable tax credits. With these subsidies, insurance premiums cannot cost more than 9.5% of the individual’s income. Those who earn more than this amount will not receive tax credits for purchasing mandatory health insurance.
- If a state chooses to expand Medicaid and a citizen earns less than 138 percent of the Federal Poverty Level, or $15,857, and the state implements the Medicaid expansion, Medicaid insurance is available.
If an employer has more than 50 people on their payroll, they should know that:
-Any business with 50 or more employees or full-time equivalents, or FTEs, falls into a class known as “applicable large employer.” The business tax status in 2015 reflects the number of full-time, or F.T.E.s, employed in 2014. Every applicable large employer must start offering insurance to at least 95 percent of its full time employees or face a tax penalty.
- Employers determine whether an employee is a full-time equivalent worker based on the number of hours employees worked in the previous 3 – 12 months. The Obamacare defines a full-time employee as anyone who works 30 hours a week or longer. The Internal Revenue Service defines an FTE as the equivalent of one person working full time at 8 hours a day, 5 days a week, 52 weeks per year for a total of 2,080 hours per year. Two or more people can share one full-time equivalent position. The number of FTEs is not the same as the number of employees.
Health Plans 4 Less strives to help anybody understand insurance plans and save money on health insurance. More information can be found on their blog at: http://healthplans4less.com/blog/
Founded in 1996, Health Plans 4 Less ™ continues to be a leader nationally in helping self-employed individuals, small businesses and their employees save 30 – 50% each month on their health insurance. At the same time, we help them achieve much better benefits in the areas that matter most.
Health Plans 4 Less ™ sits on Anthem Blue Cross’ 10 member National Advisory Council Board and is recognized by Anthem Blue Cross for excellence as one of their Premier Platinum Partners. In addition, Health Plans 4 Less ™ was also recognized as a “Top Producer” for Health Net for 2010.
Health Plans 4 Less ™ is a member in good standing with the Better Business Bureau.