A common question on the mind of business owners in 2014 is, “Do I have to offer health insurance to my employees?” This question is due to the Affordable Care Act (ACA) and its Employer Shared Responsibility provision. While many employers know whether or not they are subject to the Employer Shared Responsibility provision, the line becomes a little blurred for employers with a lot of seasonal employees.
Thanks to the Affordable Care Act (ACA), individual health insurance is more affordable than ever. In fact many small and medium sized employers are switching to a premium reimbursement solution to reimburse individual health insurance as an alternative to group health insurance. Employers may be able to offer a better and more affordable healthcare benefit by allowing their employees to have access to all of the advantages individual insurance has to offer, including premium tax credits.
With rising healthcare costs, small employers are looking for alternative ways to mitigate their spending while providing their employees with a valued health benefit. Consumer-Driven Health Plans (CDHPs) have become an increasingly popular way for employers to accomplish both of these tasks. CDHPs have been on the rise, with over $23.8 billion spread across 11.8 million accounts, according to the 2013 EBRI/Greenwald & Associates Consumer Engagement in Health Care Survey (CEHCS).
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 two 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.
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.