Medical Coverage

Medical coverage is an expensive personal expense for most people. So, for many, a job that provides medical coverage offers an important benefit. For the small business owner there is often a need to obtain personal coverage. It may also be imperative to offer medical coverage as a benefit to attract and keep good employees. A deduction of all or a portion of the cost of medical coverage is a significant cost-saving feature of providing such coverage.

On March 23, 2010, the historic Patient Protection and Affordable Care Act was signed into law; the following week the Health Care and Education Reconciliation Act became law. Essentially, these acts mandate that every individual in the United States have health coverage, and that certain employers provide affordable coverage or pay a penalty after 2013. On June 28, 2012, the U.S. Supreme Court upheld the constitutionality of the individual mandate. The impact ...

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