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(Medical-NewsWire.com, December 28, 2012 ) San Francisco, CA -- When Barack Obama was elected for his second term, it effectively streamlined the 'Obamacare' effects that he had set to implement during his first term.
That fact means that business owners and executives have to kick it into high gear so that they can prepare for the health insurance policies that will be in full-swing by 2014.
"Most of them have stopped asking the question, 'Is this for real? Do I really have to do it?' " said Mark Rust, a managing partner in Barnes & Thornburg's Chicago office and chair of the law firm's national healthcare practice.
"Now that they realize that they're going to be under a new regime, the question is, 'What does this mean for me?' " said Rust, who was one of the panelists at a health care summit last month in South Bend. "Virtually every business considers the cost of health care to be such a large and important expense, to a large degree the success of their business hinges on controlling that cost."
One of the more significant mandates that will effect all businesses with the equivalent of 50 or more full-time employees is the necessity to offer health insurance for anyone who amasses over 30 hours per week. Businesses that do not will have to pay a $2,000 fine for each full-time worker that excludes the first 30.
The rule is not set to take effect until 2014, but the short period that will be used to decide whether or not a company has 50 full-time employees will take effect by Jan 1 of 2013.
Andy Knapick, who owns nine Jimmy John's sandwich shops, estimates that with the new requirement, his expenditure of health benefits will at least triple. Knapick currently employs nearly 200 employees.
"For us, it's unfortunate because we want to be opening stores and expanding and creating jobs. The early estimates that we have are that this is really going to be negative, particularly for the restaurant industry," Knapick said.
"We're no longer looking to expand," he said. "We're looking at how to survive and negotiate the rough waters ahead."
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Source: EmailWire.Com 
Source: EmailWire.com
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