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Affordable Care Act 101
Transcript of Affordable Care Act 101
Is the new "Affordable Care Act" good or bad for small business & employees?
Deanna Olin & Ciara Kearns
Union County High School
Future Business Leaders of America
Affordable Care Act
What is the Affordable Care Act?
-Affordable Care Act means major changes in the way Americans view health issues and treatment options.
How does the ACA effect businesses & employees?
The ACA will implement new reporting requirements, notices that all employers have to give to their workers and new costs through taxes and fees that help pay for different parts of the law. They’re also starting to worry about a big future penalty for especially generous health plans — the so-called Cadillac tax — that could have a far wider impact than the law’s authors originally thought.
Politico - Author: David Nather
Employees will take less sick leave as a result of having health insurance.
Boost in job openings in the health care industry.
Small businesses can get a tax credit that is up to 50% of their employees health insurance premium costs.
Employers who do not offer health insurance to their workers could face penalties of $2,000 per worker.
Employees and consumers could have the costs of insuring the workforce passed on to them.
There will be less health insurances to choose from.
There has already been 364,682 people to sign up for an Affordable Care Act plan.
A Google search of 'ACA' will result in 89,000 hits.
Now that you have seen a different perspective of the Affordable Care Act, you will have noticed there are many pros and cons to this act. Once this act goes into effect, you will hopefully have a better understanding of how to make your business thrive.
The ACA was created to take the pressure of costs off of businesses, but just added on more pressure.