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Roughly half of the nation’s population relies on employer-based health insurance. For many people, access to employer-subsidized coverage impacts their decision to pursue a job with a given company.
On the employer’s end, providing health insurance can be costly and complicated. However, it can also be a reliable way to bring in new hires, improve productivity and boost morale and job satisfaction. Small businesses that want to provide this benefit have options that let them do so affordably.
Under the Affordable Care Act, businesses with more than 50 full time employees are required to provide ACA-compliant health insurance or face financial penalties. However, small businesses with fewer than 50 employees do not have this requirement.
While small businesses are not required to provide health insurance coverage, more than half of them do. It is an added business expense, but many business owners consider it to be a worthwhile investment for numerous reasons.
Worker shortages can hit small businesses hard, especially when those businesses cannot offer the same salaries as larger corporations. Even so, due to factors such as better work cultures, many people prefer to work for small businesses. Offering health insurance benefits may make it more feasible for them to do so.
Employees that have access to preventative care often take fewer sick days, which can maximize your business’s productivity.
After running the numbers, many business owners are surprised to learn that providing health insurance doesn’t significantly impact their bottom line. The ACA’s Small Business Health Options Program may provide a tax credit to offset some of the expense.
Small business owners have several options for purchasing health insurance for employees. These include:
A health insurance agent can help you weigh the pros and cons of each option to determine what is right for you.
If you opt for a group health insurance plan, your small business must pay at least 50% of the health insurance premiums for your full-time employees. The ACA also requires you to allow parents to keep their dependent children on their policy until the child turns 26. If you buy health insurance through the QSEHRA, then you have the freedom to decide how much money you give employees.
When you offer health insurance to your full-time employees, if your employee was receiving a government subsidy from Nevada Health Link, they will most likely no longer be eligible for Government assistance! You may think this isn’t a big deal, however, if they have a spouse and children, your group offering of coverage blocks them too! So, offering group coverage to your employees, but not helping to pay for spouse and children, can hurt them. It is critical to speak with a licensed agent to find out the details of this rule with the ACA (Obamacare) rules.
Providing health insurance is a great way to attract and keep employees, particularly when there is a labor shortage. If you want to find out if providing health insurance is feasible for your small business, our health insurance agents can help. At Nevada Insurance Enrollment, we specialize in helping small business owners find solutions that fit the needs of their employees as well as their budgets.
Health Insurance Open Enrollment is Here! Open Enrollment for Obamacare health insurance coverage is from November 1st, through January 15th. If you call after January 15th, you will have missed the time frame to receive a Health Insurance Subsidy and a Qualified Health Insurance Plan.
Regardless of your age, headlights that work well can help you stay safe while driving in the dark. Over time, your headlights may lose their intensity. Replacing worn headlights with new ones can help you see better at night. There are three main types of headlights, each with benefits and drawbacks.
If you spend a lot of time in your car, it can feel like a home away from home. In many cases, it makes sense to leave some items in your car in case of an emergency. On the flip side, some things should never be left in your car, especially when it is hot outside.
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If your auto insurance policy has comprehensive coverage, then you will be financially compensated for your stolen vehicle.
This Medical Loss Ratio states that when a family or individual buys a medical plan, 80% of every dollar collected and paid to an insurance company MUST pay medical claims/research. So that leaves the insurance company to pay ALL of their expenses with the remaining 20%. .20 cents on the dollar for their employees, buildings, broker costs, etc.
One thing that many people are surprised to see impact their insurance premium, is their marital status. Generally speaking, married people spend less than singletons on their auto insurance, even when all other factors are the same. Simply put, married couples pay less.
The good news is that if you have an ACA compliant health insurance plan, then your health insurance covers mental health care. This removes a significant roadblock to treatment, which can be pricey.