NEW YORK (AP) — Many small businesses have found a way to temporarily sidestep some of the headaches brought on by the new health care law.
One of them is Huber Capital Management. The asset management firm is renewing its health insurance policy early, in 2013 instead of 2014. By renewing its policy this year, the company doesn't have to buy insurance that conforms to the requirements of the new health care law. And it won't have the surge in premium rates expected under the Affordable Care Act.
"We can just push this whole thing off and defer it for essentially one year," says Gary Thomas, chief operating officer of El Segundo, Calif.-based Huber Capital, which has nine employees covered by insurance.
The Obama administration says it won't force employers with at least 50 workers to comply with the ACA until 2015, but the law will still affect businesses. The administration has delayed only the paperwork requirements for those companies. But any company that offers health insurance, including very small businesses, will still have to contend with the rest of the law starting Jan. 1. And that includes new insurance policies with government-mandated types of coverage.
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