Christina Merhar is the Senior Editor for Zane Benefits, the leader in individual health insurance reimbursement for small businesses.
Christina joined Zane Benefits in 2012 and has a passion for helping small employers understand the ins and outs health benefits and Human Resources. @ChristinaAtZane
Traditionally, health insurance has been a challenge for small businesses. In today’s changing market, however, there are promising alternatives. One alternative gaining industry buzz is employer-funded individual health insurance; where the business reimburses premiums instead of paying them.
If you follow the health insurance industry, you know all eyes are on the new Health Insurance Marketplaces and on the inevitable growth of individual health insurance market. And yet as industry professionals grasp the impact of the changes to the individual market, we’re all trying to understand - and predict - how much the individual market will grow, and by when.
This year, November 1 marks the time of year when anyone can sign up for individual health insurance again. It’s also the time of year when many small businesses adopt reimbursement programs to contribute to employees’ health insurance policies. As employees come to you asking how to shop and buy health insurance coverage in 2016, here are ten simple tips to help.
When it comes to offering health benefits, there are a few different contribution strategies a business can take. In other words, there are different ways to structure and pay for the plan. To achieve lower financial risk and better control costs, many smaller companies choose to switch employees to individual health insurance and offer employee health benefits with a defined contribution strategy - where the company reimburses premiums instead of paying for them. This strategy is also called employer-funded individual health insurance. So, how does this approach create cost-savings and reduce financial risk? There are five key ways. Let’s take a look.
Editor's Note: This article has been updated with the most recent health insurance information and data. The article was originally published on December 13, 2013. It's that time of year when small businesses are looking at health benefits for the new year and evaluating options. During this renewal season, smaller businesses are in an interesting position.
Over 2.7 million small businesses in the U.S. do not offer health insurance, however most small businesses want to help cover the cost of health insurance. When traditional health insurance is not a fit because of cost, eligibility, or administrative barriers, there are ways for businesses to help cover the cost of individually-purchased health insurance. But, wait. Can employers still help cover the cost of insurance? What about the new rules and reforms?
If you’re a small or growing business researching health insurance for your employees, you may be well aware of the challenges that over 2.7 million small businesses in the U.S. face - traditional health insurance doesn’t always work for small businesses.
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.
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.