Small employers may have a pass from many of the big Affordable Care Act (“Obamacare”) provisions - such as the Employer Shared Responsibility Fees - however, they are not immune from the ever-increasing compliance and administrative requirements. According to a 2014 survey by the National Small Business Association, small employers spend an average of 13 hours or $1,274 a month just to keep up with Affordable Care Act compliance.
With the Affordable Care Act (ACA or Obamacare) now in full effect, employers and their health insurance advisers are adapting to a “new normal.” And while 2014 and 2015 have been the years of new rules and regulations, 2016 will be the year of compliance and reporting. As employers gear up for the year ahead, here are four Obamacare compliance issues you shouldn’t ignore.
Editor's Note: This article has been updated with the most recent health reform guidelines. The article was originally published on August 12, 2014. If you're like most small business owners, you still have questions about how the Affordable Care Act (ACA or Obamacare) impacts your business, particularly whether you will be penalized for not offering health insurance. In this article, we'll answer common small business questions about the requirement to offer health insurance and related reporting requirements.
Employer-sponsored health insurance looks a lot different for small businesses than for larger businesses. How so? For one, small businesses are much less likely to offer health insurance than larger employers. Additionally, small businesses have unique characteristics in health insurance costs, coverage, and benefits.
Recently, Congress passed a bipartisan change to the Affordable Care Act’s definition of a small employer, sending the measure to President Obama’s desk. If signed into law, the federal requirement to expand the small group market to mid-sized businesses in 2016 would be halted. Let’s take a quick look at what the bill is, and what it means for small and mid-sized employers.
As Health Reimbursement Plans (HRPs) grow in popularity as a way to contribute to employees’ individual health insurance policies, I often hear questions from small businesses about what they are and how they work under the Affordable Care Act. I also hear misconceptions. So, to help owners and managers understand how HRPs work, I’ve outlined 12 quick facts with links to learn more. Understand these 12 facts and you’ll be well on your way to understanding the nuts and bolts of HRPs.
Recently, Zane Benefits attended Dreamforce 2015. Along with more than 150,000 registrants we attended a week of sessions and keynotes, bringing back insightful findings that will raise ROI across the board for our company.
Who you hire is key to your success. This is true for new and growing businesses, as well as established practices. And yet, finding and hiring the right employees can be tough. Small practices with limited time and resources need to be smart about recruiting new talent and making each new hire count. Last week, we wrote an article featured on DentistryIQ outlining 5 quick recruiting tips for dentists - and all small business owners.
Disclaimer: The information provided on this website is general in nature and does not apply to any specific U.S. state except where noted. Health insurance regulations differ in each state. See a licensed agent for detailed information on your state. Zane Benefits, Inc. does not sell health insurance.