Starting in October 1, 2013, businesses with fewer than 50 employees may purchase insurance through the exchange and may also be eligible for a tax credit if they purchase insurance through the exchange. If your business currently offers benefits to your employees, you can continue to operate in the same manner that you are now by offering benefits via a carrier outside of the exchange. However, some plan requirements will change based on the new law. For example, health insurance must be offered to employees no more than 90 days after date of full-time employment . The law also requires that you provide your employees with several new documents.

In 2014, businesses with 50 or more full time equivalent employees (FTEs) will now be required to provide a basic level of insurance to these employees. There are calculations to determine how many FTEs you have, calculations to determine if you should “pay or play,” measuring periods if you have part-time or seasonal employees, calculators to determine if your plan meets the minimum requirement for essential benefits, etc. And as with small businesses, larger employers also have changes in eligibility requirements and required documents to provide to their employees. Now, more than ever, it is critical to keep accurate records on employee work hours to ensure compliance with the new health care law.