Like any significant improvement to your small business, switching from traditional group insurance to a more cost-effective individual insurance program requires planning and companywide adjustments. With traditional group insurance unaffordable for many businesses, many managers are quite willing to make the change. The process of shifting to employer-provided support for staff members’ individual health insurance can be the answer to your insurance concerns, especially if you take steps to seamlessly transition employees into premium reimbursement.
More and more small businesses are recognizing and responding to the need for customized, right-sized health insurance for employees. Defined Contribution Health Plans are a great alternative to traditional group coverage, but selecting this option is just the first step. Your team needs the information and tools to choose the plan, via the Health Insurance Marketplace, that fits their unique needs and provides the most possible cost savings. Selecting health insurance can feel daunting, but the good news for employees is that the power is in their hands, beginning with applying during open enrollment. Getting the necessary information together ahead of time is the best way to move through the process efficiently.
As part of the Affordable Care Act (ACA), premium tax credits are available to help individuals and families purchase individual health insurance through the Health Insurance Marketplaces. You are eligible for a premium tax credit if you meet certain income requirements and do not have access to affordable health insurance through an employer or government program such as Medicaid or Medicare. The health insurance premium tax credits are "advanced-payable" meaning they can be applied toward your premium when you purchase health insurance coverage. The following premium tax credit charts show eligibility and the amount of the tax credits, updated for 2016.
Health insurance costs are one of the biggest stressors of running a small business. While most employers expect health insurance costs to go up each year, many turn to employer-funded individual health insurance models that allow businesses to predict and control costs from the beginning by providing tax-free dollars toward employees' personal insurance. These plans offer unique benefits to both employees and employers, but can it still be done? Yes. As long as the health plan satisfies new regulations set forth by the Affordable Care Act, employers may still provide tax-free dollars to employees’ personal insurance using a compliant healthcare reimbursement plan.
Small businesses report that the cost of benefits is the number one operating challenge, and close to 90 percent of employers are prepared for insurance costs to rise each year. These facts suggest that a way to offer health insurance without concern about rising costs can be a huge benefit to any business – regardless of the size. The ACA puts new requirements on businesses as far as offering benefits to employees, but that definitely doesn’t make it easier for employers to offer benefits while still operating in the black. Fortunately, we have some simple solutions for cost containment regarding small business health benefits.
The passing of the Affordable Care Act (otherwise known as Obamacare) ushered in an era of all Americans being put in charge of their own health insurance. Those without insurance are now required to purchase it, and some are eligible for help from the government. The real question for small businesses is how does Obamacare affect us? For small and medium-sized businesses, the following facts may be important to you.
Health insurance is becoming increasingly vital in today’s world, where a growing number of Americans report that they don’t seek medical care when they need it because of the high costs. While you as an employer may want to offer a group insurance plan that protects your employees, the reality is that it isn’t always economically feasible to do so.
While more Americans than ever need health insurance, businesses are tiring of the cost and hassle required to provide it for employees. As a small business owner, you are given the task of finding the balance between keeping your employees happy and still making money each month. With the passing of the Affordable Care Act, all Americans are faced with mounting health care costs and insurance fines and premiums that are difficult to pay. How can your business turn these changes into a winning solution for you and your employees?
For some small businesses, the annual open enrollment period is filled with complexities, paperwork, overwork and fretting. It’s one more reason that many businesses are putting the control — and responsibility — of health insurance in the hands of their employees.
In today’s world, businesses must be competitive in order to keep the cream of the crop happy. With changes to the marketplace and to health insurance laws, it can be difficult to offer your employees an insurance plan that keeps them satisfied with their salary and benefits package. With the passing of the Affordable Care Act, Americans are required to have health insurance or pay a fine. This opens up options for employees to find their own insurance through the marketplace, that now has higher quality and more affordable coverage. As a small business owner, you have the option to reimburse your employees for their individual health insurance premiums, giving you the added benefit of keeping them happy with your company.
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.