What Obamacare Means for Your Business (Infographic) The Affordable Care Act stands to have a big impact on small businesses in the next few years. Here's what it will mean to your employees and your bottom line.
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In the past few years, the cost of health care for employees in the U.S. has gone up, while the number of small businesses offering health insurance has been on a slow decline, according to a Kaiser Family Foundation survey. The Patient Protection and Affordable Care Act, known as "Obamacare," aims to reduce health-care premiums for both individuals and small businesses by increasing the number of healthy people with insurance.
Still, many parts of the law don't sit well with small-business owners, especially the employer mandate, a requirement that employers with 50 or more workers must offer health-insurance coverage or face fines ranging from $2,000 to $3,000 per employee per year.
Related: How the U.S. Supreme Court's Ruling to Uphold 'Obamacare' May Affect Small Businesses
For a breakdown of the health-care costs your business will face and insight on the future of healthcare for small-business owners and their employees, take a look at the infographic below from the accounting software firm Intuit.
