Monday, September 9, 2013

Yet Another Obamacare Fine

Just when you thought you had heard it all, another Obamacare fine comes along. This one
impacts employers with only 1 employee.

If you own a business, including self employed, and have annual revenues of $500,000 or more, you have to tell your employee(s), in writing, about Obamacare exchanges.
Beginning Oct. 1, any business with at least one employee and $500,000 in annual revenue must notify all employees by letter about the Affordable Care Act’s health-care exchanges, or face up to a $100-per-day fine. The requirement applies to any business regulated under the Fair Labor Standards Act, regardless of size. Going forward, letters are to be distributed to any new hires within 14 days of their starting date, according to the Department of Labor.
Fox Business

Obamacare fine. $100 per day.

“It’s a steep fine—when you start tallying up all of the costs, businesses need to start figuring out ‘am I better off just not offering coverage and paying the penalty?’” 
Another unintended consequence of Obamacare?

If you are the only employee in your company, send yourself a letter notifying you of your right to buy a health insurance policy on the exchange or be prepared to pay an Obamacare fine.

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