By now most business owners are talking about healthcare reform—also called the Patient Protection and Affordable Care Act (PPACA) or the Affordable Care Act (ACA). Beginning in 2015, employers with 50 or more full-time equivalent employees (based on the number of workers who put in 30 hours per week on average) are required to provide health insurance for their employees. Companies that fail to comply with these new laws by January 1, 2015 will face fines of $2000 per employee. And the longer companies wait to find health insurance coverage the more difficult — and expensive — it will be to obtain.

What Coverage is Required?

Health insurance provided by an employer must meet minimum standards to comply with ACA.

• The employer plan design must pay 60% of costs (the "minimum value" standard)
• The employee contribution must not exceed 9.5% of the employee's household income (the "affordability" standard)