Small Businesses Must Offer Health Care for ACA Compliance

Small Businesses Must Offer Health Care for ACA Compliance



Small business owners have faced a lot of change because of Obamacare. There are more changes to come in 2016. It has been three years since the Affordable Care Act has been put into effect.

The Affordable Care Act in Effect

The Affordable Care Act has gone through a few changes since it has been put in effect. Small business owners are expected to keep their nimbleness as they comply with the new rules. The new year will require more owners of small businesses to offer coverage. There will be an increase in needed paperwork to remain in compliance with the law for small and medium sized companies.

Rises in Costs

Insurance costs will be rising in some areas as well. This means a lot of trouble for small business owners. They are already having trouble with the current Obamacare act as it stands.

Expect the Unexpected

Small business owners should be prepared for what they don’t expect. The only thing they can do is make the best plans that they can to deal with the constantly changing Affordable Care Act. This means that small businesses have to plan for all types of scenarios that they can think about.


Small Businesses Must Offer Health Care

More Small Business Owners Must Offer Coverage

Small business experts call the employer mandate for Obamacare one of the major changes for 2016. This year requires businesses with between 50 and 99 full time employees to provide coverage for 95 percent of the employers at the minimum. Small businesses were originally exempt from this rule. However, changes have included small businesses.

Fines and Penalties for Small Businesses

The businesses of at least 50 employees are going to be hit the hardest from the new law. They will also be faced with a fine of up to $2,000 if they don’t comply to the standards of the law. Many businesses are going to be faced with the pain of adapting to the Affordable Care Act.

Awareness and Planning

Many businesses were aware of the change that was coming. The businesses that were unaware are faced with new requirements for compliance. One thing to note is that the Affordable Care Act is written by lawyers and is complex and unclear. Business owners have a hard time understanding the Affordable Care Act.


Employer Mandate

Small Business Owners and Employer Mandate

The employer mandate for 2016 requires business owners to offer health coverage for full-time employees. This can confuse business owners because 30 hours a week is considered full-time. 130 hours a month can also count as full-time. This leaves the business with the task of calculating hours to learn whether or not it needs to offer health insurance.

Documentation and Notifications

There are also plenty of notifications and documentations that are required for compliance. This includes reporting to employees about the marketplace of health care. There is a waiting period of a 90 day maximum for offering health insurance to new employees. Employees are to be presented with a Summary of Benefits and Coverage Form.

Possible Audit Increases

Trying to comply with health care coverage reporting is going to cause a lot of headaches. Businesses could wind up with audits that cost a lot of time and money just for one tiny slip up. The lack of appropriate disclosing and documentation is what causing employers to face a lot of audits. Small businesses are at a disadvantage because they don’t have a company attorney to help with the taxes.


Higher Premiums

Higher Premiums with Lesser Choices

Small business owners have to deal with the complexity of the Affordable Care Act. They also have to deal with higher premiums in the coming year. This is one of the major gripes of small businesses.

Small Businesses Shell Out Money

In 2014, the premiums have increased by as much as 20 percent. In 2016, there will be a 5 to 8 percent increase in premiums which is not as bad as in 2014. However, small businesses have to pay a lot more for healthcare this year. This leaves small businesses with the task of figuring out the increase.

How to Cover the Increase

Among the ways to cover the increase include having the employer continue to cover it. The employer does have the option of shifting the cost over to the employee. To top it off, there are insurers that are actually leaving. This leaves people with fewer options and higher premiums.


Article provided by Neches FCU, an Equal Employment Opportunity Employer.
Neches FCU is a top Texas credit union, with an attentive team of professionals ready to serve their 45,000+ members.
When its doors open, their single goal of “Ultimate Member Satisfaction” becomes evident in their focus creating a personal and positive environment for all clients.

Why Introverts Can Become Successful Entrepreneurs

Why Introverts Can Become Successful Entrepreneurs



Introverts often become highly successful entrepreneurs. There are five ways they become successful. It comes down to focus, thinking before making a move, listening skills, considering others’ ideas and humbleness.

1. Introverts Want To Focus On Creating And Not Being The Center Of Attention

Introverts become highly successful entrepreneurs because they are want to focus on bringing their ideas to life and they want to create things. They don’t crave power and they don’t want to be glorified for the things they do. Instead of striving for power and glory, introverts tend to build partnerships and networks that can help them and the people they work with become successful. Introverts become successful in business because they seek out the expertise of others and they don’t feel intimidated by people with more experience than they have.


Focus on Customers

Focus And Passion Equals Good Customer Service

They become extremely successful because that passion they have leads to providing exceptional customer service and creating high quality products or services. All too often, extroverts will offer great products and services, but the customer service they provide is less than exceptional. When customers and clients receive the kind of customer service they expect from a business, then they will likely remain a loyal customer for years to come.


Think before Acting

2. Before They Make A Move, Introverts Think

One of the key differences between entrepreneurs who are extroverts and entrepreneurs who are introverts is the way they think. For example, many extroverts feel that the only way they can thrive is by having people surrounding them. Introverts have no problem thinking alone for hours at a time, thinking about whether or not they should make a move. They tend to not get distracted by interacting with others in order to meet short-term business goals, and they would rather work on creating a well-research plan before they make a move.


Take advice carefully

3. They Will Listen To Other People

While it’s true that introverts think before they make a move and they do a lot of thinking alone, they still take the time to listen to what others have to say. Introverts often become very successful introverts because they enjoy listening to people. They are good at empathizing with others, and these are crucial skills entrepreneurs need to have in the business world. Introverts pay attention to their employees, clients and customers’ emotions and they tend to be sensitive to their needs and they find out what is wrong with them by listening.


Consider the options

4. They Actually Consider Others’ Ideas

Introverts become successful entrepreneurs because they don’t just do business with their own ideas in mind. They will not only listen to others, but they will actually consider others’ ideas. An introvert leaves their ego behind because they know that it takes a team of talented workers to ensure the success of a business. Not only that, but introverts will provide meaningful feedback after analyzing the ideas of others.

Extroverts Tend To Consider Only Their Own Ideas

All too often, extroverts are only interested in their own ideas. Sure, sometimes they may ask for input, but the chances are they won’t ever implement the input or they rarely consider others’ ideas. The bottom line is successful introverts know other people have ideas that could benefit the company as a whole.


Humble People

5. Introverts Are Humble People

One of the ways introverts become successful entrepreneurs is because they are humble people. If they mess up, then they will admit their mistakes and they will look at their mistakes from another person’s eyes, which is important to do in the business world. When introverts admit their failures, then they will be demonstrating to their customers and employees that they aren’t perfect and they are only human. People don’t want to work for someone or with someone who believes they are perfect and don’t admit any wrong doing.

Are you an entrepreneur who considers yourself to be an introvert? If so, you have a bright future ahead of you, and best of all you don’t even need to be outgoing or comfortable in social situations in order to be a great leader. Introverts can learn to become comfortable in social situations, while at the same time working to achieve their goals. Countless of introverts have become successful entrepreneurs and you can be next.

I hope you all found this article informative.
For those of you in the accounting industry, I’d like to share a quick tip that’s making my CPA business run smoothly. I manage 173 clients, who are mostly local service providers, consultants and small businesses. I am usually stressed out having to file 1099 online for their remote employees and the host of contractors they usually use.

I wised up this year and found a more time-efficient way to file 1099 forms. I found eFile4Biz. They do all the printing and delivery of the forms to contractors after I do the efile via their website. It’s worked out better than taking on new employees to manually do the grunt work. Check out their video below. And happy tax season guys!