How will the New Federal Health Care Law Affect Small Businesses - KTEN.com - No One Gets You Closer

How will the New Federal Health Care Law Affect Small Businesses?

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GRAYSON COUNTY, TX---According to a recent Intuit study, last year, the state of Texas led in small business job growth across the United States. However, with President Barack Obama winning re-election, the new health care law will be put in place, which could mean big changes.

Sue Gregory of Health Insurance Texoma says most stages of the new healthcare law won't take place until January of 2014, but that many Texoma small business owners are already re-evaluating their company's insurance plan.

"Right now employers everywhere are trying to assess the impact of Obamacare on their business," Gregory said.  

She says companies that have over 50 full-time employees will have to follow The Patient Protection and Affordable Care Act (PPACA). To qualify for full-time employment, employees must work over 30 hours a week. She says those who qualify will have to make sure their plan is affordable and qualified according to the act.

If they choose a plan that doesn't meet the requirements, or choose not to have a plan at all, they will be subject to government fines and penalties.