The Affordable Care Act (ACA) introduced premium tax credits to give you and your family a discount to buy health insurance coverage through the Health Insurance Marketplace. If you are eligible, these tax credits can reduce your family’s health insurance cost to no higher than 9.5 percent or as low as 2 percent of your household income. Before you can calculate the amount of your premium tax credit, you must first calculate your Modified Adjusted Gross Income (MAGI).
With the Affordable Care Act (ACA) in full effect, you might have questions about how to buy health insurance—especially if you’re an entrepreneur, small business owner or freelancer. In fact, you might be wondering whether you’ll be able to afford health insurance at all. If you have employees, you might be wondering whether you'll be able to help with their health insurance costs.
Individual health insurance policies are the fastest growing form of U.S. health insurance, especially among small to medium-sized businesses. Prior to the Affordable Care Act (ACA), less than ten percent of Americans had coverage under an individual health insurance policy. Most people purchased insurance through their employer. With the rise of defined contribution health benefits and the ACA, the individual health insurance market is becoming a more affordable option for small businesses.
Small businesses are a major driving force of the US economy. During the last few years, however, they have experienced a lot of hardship. The economic downturn made it incredibly difficult for small businesses to maintain sales and employment, and stay competitively sustainable. Small business owners' outlook on the economy has gone up and down over the last year. According to a CNNMoney-Manta survey, although the economic recovery is continuing, small business owners are still uncertain about the economy.
With the cost of group health insurance on the rise, many employers are concerned with cutting down on healthcare benefit costs. A significant trend in mitigating healthcare costs is to shift the costs to the employees.
With the cost of group healthcare on the rise, employers are switching to a defined contribution solution to reimburse individual health insurance as an alternative to group health insurance. Individual health insurance premiums can be reimbursed tax-free through a premium reimbursement plan. Although employers are seeing the benefits of switching employees to individual health insurance, according to a recent poll by The Morning Consult, a majority of employees are worried about their employers moving them to the Marketplace.
Small businesses are the backbone of America. In fact, according to a recent infographic released by score.org, 50 percent of workers in America work in a small business. Here’s a look at small business HR trends for 2014, according to score.org.
The Affordable Care Act (ACA) requires health insurance plans available in the individual and small group Marketplaces to meet certain actuarial value levels. Marketplace plans provide four standard levels of coverage, or “metallic tiers” of coverage. These tiers were intended to allow consumers to compare plans with different levels of coverage for essential health benefits (EHB). Currently, there are bronze, silver, gold and platinum plans. Last month, a group of U.S. senators and insurers proposed adding a “copper” plan to the bottom of the metallic tiers.
In the aftermath of changes due to the Affordable Care Act, it comes as no surprise that healthcare benefits are a major concern to employers. With the health insurance costs on the rise, many employers are concerned with cutting the cost of healthcare benefits.
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.