More and more companies are now recognizing the value of offering health insurance to their employees. If you want to take advantage of the Affordable Care Act’s new provisions for employer-based health insurance, but are unsure of how to proceed, the following guide should point you in the right direction.
Are you a small business or a large business?
Your company’s size determines how you go about shopping for and is closed.
If you’re a large business, employing 50 or more full-time workers, the ACA does require you to provide health insurance to employees. The specific mandates have been postponed or changed. Consult with a qualified insurance agent to make sure your company abides by the law.
It might be more affordable than you think.
The point of the ACA was to make health insurance more affordable for everyone. To accomplish this goal, insurance companies have been limited in the amount they can charge for premiums. Also, many small businesses will qualify for tax credits to help cover the cost of employee health insurance. To determine whether your company qualifies for these tax credits, fill out an application with the SHOP program.
Open enrollment ends soon!
Open enrollment refers to the period during which individuals and companies can enroll in, or make changes to, a health insurance plan. Open enrollment for this year ends on March 31.