Health Care Reform And Small Business

Michelle Buckman looks at that real effect of health care reform on small business.

Here is some advice from small business owner Gene Marks ( www.marksgroup.net ).

-Getting paperwork in order. New 1099 and W-2 reporting requirements are going to put a strain on small companies in 2011. Certain information needs to be collected now.

-Have a hear to heart with your health insurance company. New requirements are being imposed on them in 2010 and 2011 (for example, increasing the age of dependency to 26, allowing pre-existing conditions, etc). Are they up to speed and when can your employees take advantage of this? Is it worth keeping that Health Savings Account plan?

-Start doing the math. Beginning 2010 many small companies are eligible for a tax credit. And 2014 will be the day of reckoning - will you be penalized if you are not providing enough health insurance?