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Issue for many small businesses.
Chief among them should they continue to offer insurance Sorensen our employees a shop -- -- -- -- -- for president of benefits services for ADP joins us now.
Tim I can't even imagine -- -- -- a small business what I'd be thinking right now right because.
I I was sunny this stat 58 million paperwork burden hours they say according to American action forum that's how many hours of people work.
30000 employees needed to to file the stuff.
It's it's a tremendous burden.
For employers for employees for the government I think we'll get through it but like with Medicare I think it's -- -- be about ten years before we do get through it.
That's comforting and I look -- -- let's start with the employer I'm an employee here on the small business what do I need to now.
Personally need to know that if you have more than fifty full time equivalents.
As of January 1 you need to provide insurance coverage to all employees.
Your part timers who today you might employed part timers and not provide insurance if they were thirty to 34 hours.
As of January 1 of its minimum thirty powers of employment you must provide insurance coverage.
Thirdly and most importantly.
Your insurance coverage has to be not too expensive from place to cover so nine and a half percent of income is a threshold.
You can trigger fines if your interest coverage is too rich.
So you as a benefit services provider.
What kind of what the party doing to help these people are you helping me with my payroll checks are you helping me with other paperwork because there's a lot of it.
So all of the the issues which really surround this whole question of health care compliance reporting to the government.
Or else things that we provide so today what we're doing is getting all of our systems ready.
Sarbanes Oxley all -- -- and is -- It is yes.
Now as an employee.
I know when I did my tax return this year on my W two was the amount of paid for my insurance by -- -- I saw that this year.
What else coming forward a lot to look for.
Well you are going to have to.
Buy insurance or pay a fine.
So as of January 1 need to be ready if -- from -- -- more than fifty employees again you need to buy insurance they need to be thinking now about if you -- -- churns in the past.
What are the implication what can you afford.
You can't see these programs yet exchanges are being set up government exchanges changes right right.
They are being set up now she really can't see the covers in the pricing yet that's gonna become clear this fall.
But you need to be prepared if you have not purchase insurance before.
If you've been eligible but make a decision not to purchase you'll be facing a choice of door by the insurance now my working lifetime -- Now this all has reported to the IRS is that it is.
There's forms that are out -- coming up but are you finding this -- this is actually hiring someone to take care of this administrative stuff.
It's a big burden.
And I think with small businesses today they're they're dealing with the implications to get ready for this we don't see small businesses hiring people -- side.
We see them worrying star and doing a lot of things to try -- get ready large businesses do have more capacity to hire people to to administer or many people and our outsourcing so -- That which.
Helps -- -- your stock I guess someone has to benefit from this -- -- the atom -- some.
We think the fighting stopped in -- please -- -- could -- -- thank you very much X.
Honestly administrative nightmare it is but someone's gonna have to do it in some little benefit all right now the later.
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