This is a guest post by Joe Appelbaum of Potomac Companies, Inc.
Special news for our small business readers in Virginia:
Compliance alert: VA House of Delegates passes emergency legislation to maintain small business definition of 50 employees or fewer.
The Virginia House of Delegates voted to maintain the state’s definition of small businesses as employers with 50 employees or fewer. The PACE Act in October 2015 changed a provision of the Affordable Care Act which originally was set to change the definition of the small group market as businesses with 100 employees or fewer.
The Act allowed states to determine the size of their small group market. Maryland and DC maintained their definitions of small groups as those employing 50 or fewer employees, and now in January 2016, Virginia is also maintaining their definition.
If the small group definition had been expanded, small groups would have seen rates rise significantly in a short period of time.
For more information about Virginia H.B. 58, see Richmond news WSLS 10 and Virginia’s Legislative Information System.
Joe Appelbaum is a lifelong entrepreneur and started his first business at the age of 13. He founded Potomac Companies in 1990 with the mission of helping employers manage the future cost of healthcare and has grown the company to become one of the premier full service employee benefit brokerage and consulting firms in the Washington, D.C. region. Visit them at http://www.potomacco.com/.