East TN companies impacted by Affordable Care Act mandate
WBIR - The new year marks the start of a new era for businesses under the federal Affordable Care Act, or ACA.
As of Jan. 1, companies with 100 or more employees have to provide affordable health insurance to at least 70 percent of its eligible employees. Companies with 50-99 employees have one more year to comply.
A Knoxville business has been working on meeting the requirements for the past three years.
"The main way it's affected us is we've seen our rates skyrocket. Over the last three years they've probably gone up 15 percent to 18 percent," said Terry Turner, owner and president of All Occasions Party Rentals in West Knoxville.
According to Turner, the company has always provided health care for its employees, at some level, but now they are covering 50 percent more employees.
Read more at WBIR.