Small businesses, including many contracting companies, are having a difficult time keeping up with U.S. healthcare laws, according to a story from Joyce Rosenberg of the Associated Press.
The Affordable Care Act, which will apply to all businesses with 50 or more employees as of Jan. 1, 2016, will require owners to track hours, absences and how much is spent on health insurance. The problem for many small businesses is that they do not have the human resources staff or systems in place to handle all of this new paperwork in an efficient, affordable way.
Rosenberg said complying with these laws may cost small businesses as much as $15,000 per year, on average.
Companies must track workers' hours according to rules created by the IRS to determine whether a business is required to offer health insurance to workers averaging 30 hours a week, and their dependents. Companies may be penalized if they're subject to the law and don't offer insurance.
Businesses must also track the months an employee is covered by insurance, and the cost of premiums so the government can decide if the coverage is affordable under the law.
Have the Affordable Care Act rules impacted how your contracting business operates? Do you think it will have consequences for the industry? Let us know in the comments or join the conversation on the Contracting Business LinkedIn page.