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Advantages And Disadvantages Of Obamacare

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Advantages And Disadvantages Of Obamacare
Making Sure Your Company is Compliant with the Affordable Care Act
The Affordable Care Act, also known as ObamaCare, is a system of health insurance reforms that share the goals of helping uninsured individuals to obtain affordable, quality health care. The aim of these laws is to encourage small companies to offer health insurance and motivate health insurance market changes. King Agency in Toledo OH offers the following advice on how to make sure that your company stays compliant with the changing health care laws.
Health Care Statistics
According to the Department of Health and Human Services (HSS), Obama Care has been successful in helping over 16 million uninsured people gain health coverage and over 10 million people pay their premiums. Medicaid coverage is expanding, patient safety has increased and uncompensated hospital care rates are lower. However, while overall health inequality is improving, ObamaCare does create certain problems and disadvantages for companies. http://www.hhs.gov/healthcare/facts/factsheets/2014/10/affordable-care-act-is-working.html The Disadvantages
According to the official Affordable Care Act website ObamaCare Facts, there are documented disadvantages to ObamaCare. ObamaCare poses an employee mandate burden that raises …show more content…
Companies that have fewer than 50 employees are exempt from penalties and may qualify for health care tax credits. Keep in mind that there are steep penalties for companies that cross the 50 employee threshold and fail to conform to the applicable requirements. Any company with over 50 employees is considered a large business and required to offer health care coverage or pay a hefty penalty. These companies are also required to report to the IRS the details of the offered employee sponsored health plans. Learn more about the compliance requirements for employers
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