Quiz: Are You Ready for the Affordable Care Act?

The Affordable Care Act will soon be the law of the land. Take this short quiz to build up your health law knowledge. (Don’t peek — answers are at the bottom of the page!)

1. When will the Affordable Care Act go into effect?

A. March 1, 2010
B. October 1, 2013
C. January 1, 2014
D. Never

2. Who is “required” to get health insurance under the new law?

A. Every American, with a few exceptions
B. Employees who work for large businesses
C. Every U.S. citizen
D. Nobody

3. What is the tax penalty if you don’t have health insurance in 2014?

A. 5% of individual income
B. Greater of $95 per adult ($285 per family) or 1% of family income
C. $0
D. $695

4. Which employers are required to provide health insurance to their employees?

A. All employers
B. Employers with 100 or more employees
C. No employers
D. Employers with 50 or more full-time employees

5. What is the definition of a full-time employee?

A. W-2 employees who work 30 hours or more per week
B. W-2 employees who work 40 hours or more per week
C. Salaried W-2 employees
D. 1099 contractors

To find out more about the new health law and what it means for your employees, visit Intuit’s page on affordable health benefits.

Correct answers:

1C, 2A, 3B, 4D, 5A

About Anu Sanghvi

Anu Sanghvi is part of Intuit’s Employee Management Solutions team. She lives in the beautiful Bay Area, and loves to hike, swim, and play with her two young kids. She thrives on helping small businesses achieve their dreams. Follow her on Twitter at @AnuSanghvi.
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8 comments
MalissaKLong
MalissaKLong

The tax penalty doesn't kick in till 2016 correct?

Bookkeeping Rescue For Small Biz
Bookkeeping Rescue For Small Biz

If you have less than 50 full-time-equivalent employees, ACA won't impact your small biz. Otherwise, you need to plan now in case it isn't repealed before January 2014.

Linda Velazquez
Linda Velazquez

I can't believe they called it the Affordable Care Act. It's almost like they were telling us how stupid we are. And yet, there is nothing we can do about it. We are all screwed!

Jeff Miller
Jeff Miller

AFFORDABLE?????? REALLY????? Hahahahahahahahaahahahasnort!

HeatherStone
HeatherStone

Great wake up call for small business owners who maybe haven't thought of this enough, Anu. Appreciate you sharing this with the community. Thanks! I also enjoyed seeing this shared with BizSugar users!

AnuSanghvi
AnuSanghvi

 @MalissaKLong  It actually kicks in next year - 2014. It will go up every year. In 2016, the penalty will be $695 per adult ($2085 per family) or 2.5% of family income, whichever is greater.