The Affordable Care Act (ACA), otherwise known as “Obamacare,” states every American must carry minimum essential health coverage. People who choose to go without health insurance may pay a penalty during tax season. This might sound scary if you aren’t familiar with the terminology, but many insured people are already carrying minimum essential coverage, including those enrolled in small business health insurance.
If your company does not offer small business health insurance, you are likely gearing up for this year's open enrollment on the individual market. You may also be hearing that many 2016 plans are being discontinued in 2017 due to some insurance companies cutting back on Marketplace coverage. If you have employees who are losing their current Marketplace health plan, how can you help? Let’s look at ways you, as a small business owner, can prepare yourself for questions from employees before open enrollment begins on November 1.
As with many other aspects, small business HR (human resources) does not function in the same way as it does in large companies. Entrepreneurs tend to be “jack of all trades” kind of people, which means that they end up being the manager, a customer service representative, a salesman, the HR director, and a million other things from day to day.
Employee expectations are shifting and in order to keep their employee retention strategy relevant, small business owners need to stay informed. After all, to attract and retain the best employees, small businesses need to keep up with the changing landscape.
Many small business owners are busy enough without adding employee retention strategy to their lists. Employee turnover is often overlooked because it is difficult to monetize, but it is important to understand how it affects your productivity, as well as company morale. Not having a solid strategy in place can be detrimental to your business in the long run. Here are some employee retention statistics that might make you think twice before dismissing the topic again this year.
Many small business employees purchase their own individual health insurance through the ACA Marketplaces or private insurance websites. When looking to buy or renew their plan, employees may not know where to turn when they have questions. As their employer, you are a logical place to start. This is especially true if you offer a healthcare reimbursement plan (HRP). With open enrollment starting November 1, here are five tips to help answer your employees' questions about purchasing individual health insurance.
When the Senate returned from their summer vacation, a lengthy to-do list was waiting for them. While they have been able to cross a few things off the list, the Small Business Healthcare Relief Act (SBHRA) hasn’t yet been one of them, leaving many small business owners still awaiting the fate of health reimbursement arrangements (HRAs).
With open enrollment right around the corner, small business owners all over the nation are evaluating health insurance options and comparing the cost of employer-sponsored (group) health insurance plans and Affordable Care Act (individual) plans. A common question is which type of health insurance plan costs more? According to a recent analysis by the Urban Institute, Affordable Care Act (ACA) plans cost, on average, 10 percent less than comparable employer-sponsored premiums.
The Small Business Healthcare Relief Act (SBHRA) is pending legislation that would expand small business healthcare options. If passed, the SBHRA would allow small businesses to once again use a Health Reimbursement Arrangement (HRA) to assist employees with out-of-pocket health insurance and medical costs. A common question from small businesses and advisors is, "how would the Small Business HRA compare to reimbursement plans available today?"
A common misconception about individual health insurance is that it costs more than employer-based (“group”) health insurance. When in fact, on average, individual health insurance costs up to 60 percent less than comparable coverage on the group market. How much does individual health insurance cost? Let’s take a look.
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.