The Affordable Care Act, also known as the ACA, represents huge changes to health insurance for both employers and employees. With many of the major provisions now fully in effect, many small dental practices are unsure about how the law impacts their practice. Here are a few key facts that dentists and dental practice managers need to know about how the ACA impacts both individuals and small employers.
- If individuals do not have health insurance coverage, they will pay a penalty at tax time, called the Individual Shared Responsibility Fee.
- There are new options for purchasing health insurance through the Health Insurance Marketplaces.
- When purchasing individual health insurance, most employees are eligible for significant discounts on health insurance, called premium tax credits.
- Individual health insurance has new advantages. For example, individuals cannot be turned away or charged more because of a pre-existing medical condition. Also, all health insurance plans cover essential health benefits.
- Small employers are not required to offer traditional health insurance. The ACA’s “Employer Mandate” doesn’t apply to small employers, which means they are free to explore alternative health insurance options without worrying about satisfying the Employer Mandate requirements.
Dental practice owners need to understand the requirements under the ACA in order to avoid costly mistakes. To read the entire article, please visit www.dentistryiq.com.
Note: This content is accurate as of the date published above and is subject to change. Please seek professional advice before acting on any matter contained in this article.
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