What is the King v. Burwell lawsuit?
Earlier this summer, in mid-June, the Supreme Court upheld the Affordable Care Act, confirming that the purpose of the Affordable Care Act (ACA) is to improve the healthcare market and not leave people uninsured.
Small business owners and health insurance
If the Supreme Court had sided with the plaintiffs, the federal subsidies that make insurance affordable for millions of people in the United States would have been erased. Some of these subsidies are worth thousands of dollars a year. According to the Huffington Post report, this would leave about 8 million people without insurance.
This is a relief for those who have purchased health insurance through the Obamacare health insurance exchanges because they won’t be losing their coverage anytime soon.
What if I don’t purchase insurance through the ACA Exchanges for myself or employers?
Small business owners are not required to purchase their insurance through the Marketplace. However, it is required that you purchase some variation of health insurance for yourself and your employees. If purchasing insurance for your employees still seems to costly, check into the possible tax credits the ACA offers.
If you do not purchase coverage, you could be fined:
- 2 percent of your yearly household income
- $325 per person (and $162.50 per child) for the year
You can learn more about that on HealthCare.gov’s Fees & Exemptions page.
Are you a small business that offers health insurance?
Remember, health insurance law doesn’t require you to provide health insurance for your employees unless you have 50 or more full-time employees. But, as a business owner, providing insurance for your workers is a major plus because it gives you employees a perk and a reason to stay.
Without health insurance, they may be inclined to look for a new job with a large corporation that can afford to provide insurance for all it’s employees.