Fact Sheet: What the Health Care Law Means for Small Business Employees

• All health insurance plans in the exchanges must offer a standard set of benefits. These include medical, mental health, prescription drug, and rehabilitation services. You will be able to choose from several levels of coverage. 

• Health insurance plans cannot refuse to sell you a policy because of your current health condition, and insurers must comply with many new consumer protections.

• Financial assistance may be available to pay for the insurance you purchase through an exchange. This assistance will be provided on a sliding scale if your income is below a certain level. Those levels currently represent incomes of about $14,400 to $43,300 for individuals or $29,300 to $88,200 for a family of four. The exact income ranges and aid will be announced as the exchange details become available in each state.

• If you are eligible for insurance through an exchange and do not buy it, you will be subject to a penalty. For an individual the penalty starts at $95, or up to 1 percent of your income, whichever is greater. The fee increases to $695 or 2.5 percent of income by 2016. The maximum penalty for a family that chooses not to have health insurance is $2,085. Some people will be exempt from the insurance requirement and will not have to pay a penalty due to financial hardship or other specialized reasons. The penalties start in 2014 and will be enforced when you file your annual income tax return.

New employee benefit option

• Starting in 2011, small businesses with up to 100 employees could offer "simple cafeteria" plans that allow you to save part of your salary in an account that can be used to pay medical expenses. Such plans save consumers money because you don't pay taxes on the funds you contribute to the account. Check with your employer to see if this employee benefit will be available to you.