Business Owners Attend Health Care Reform Seminar
KREX News Room
GRAND JUNCTION, Colo.- The Grand Junction Chamber of Commerce hosted an informational health care seminar Wednesday informing employers what options are available once regulations are enforced.
Nearly 20 local business employers came out to listen to local experts about what they could be facing with the Affordable Health Care Act reform.
Owner of Dos Hombres and co-owner of Rockslide and Dream Cafe, Scott Howard, was on hand for the meeting and said, "It seems really complicated. I think we're going to have to hire experts to tell us where we stand, whether we're a large employer or small employer, what the regulations are, what our options are and if we have to pay penalties."
Some penalties could be assessed based on the number of employees companies have on the books and how their offered health care stacks up compared to the exchange, or universal health care.
Attorneys from Hoskin, Farina and Kampf explained the penalties and tax credits associated with the reform and advised employers to look at things sooner rather than later.
"If one full-time employee goes out and gets a subsidy through the exchange, then you owe a monthly penalty of $166.66 times the total number of full-time employees that you have," said attorney Jarrod Pearson.
Pearson also says that roughly 25 percent of the regulations are set in stone, while others are still being finalized.
While the information is out there, Pearson says it's important for business owners to educate themselves right now.
"Talk to your attorney to figure out, 'am I an employer subject to these penalties? If I am how do I figure that out? How do I start anticipating these costs for 2014 and moving forward?,'" said Pearson.
Some regulations go into effect Jan. 1.