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BusinessWeek had a good basic overview last week of how the new health care reform bill will impact small businesses. At about the same time, Inc.com ran a piece on how to make the new health care law work to your company's benefit.
This year the only real impact of the new law is that companies with 25 employees or less will be able to seek a tax credit if they provide health coverage for their employees. In 2011, companies with fewer than 100 employees will be able to obtain grants to start a wellness program and use part of the grant money to offer bonuses to employees that participate. Businesses will also have to begin assigning a value to employee health coverage and listing that value on W2 forms.
The first real cost of health care reform will hit businesses with more than 50 employees in 2014. At that point they could face penalties of up to $2,000 for each employee they don't offer health care coverage to.
The negative impact on businesses with fewer than 50 employees? There are no direct impacts.
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