Understanding the Affordable Care Act and what it means to you as a small business

Not all self-employed persons and small businesses are affected by the Affordable Care Act (also known as the ACA or Obamacare) in the same way. The law defines businesses with the equivalent of 50 or more full-time employees as large, and those with fewer than 50 employees as small.

Businesses that employ the equivalent of 50 or more full-time workers are required to provide group health insurance coverage to their employees or face financial penalties. Small businesses with fewer than the equivalent of 50 full-time workers are generally not required to provide group health insurance coverage.

Individuals who do not receive group health insurance coverage through an employer-based plan have the option to purchase coverage on their own through the exchange at healthcare.gov or directly through a health plan licensed to sell to individuals in the county or state in which they reside.

 

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