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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.
The special enrollment period is always within 60 days of a life event. A “Life Event” is an event such as the birth of a baby, losing group coverage through an employer, losing coverage due to a move to Nevada, marriage, any many other scenarios.
Your health insurance company’s formulary is a list of all the different drugs that their plans cover. Within the formulary, there are drug tiers. These tiers determine the level of coverage your prescription drug plan offers for a specific type of medication.
Whether you have recently been injured or you are experiencing chronic pain or limited mobility, going to a physical therapist can greatly improve your quality of life. For many people, concerns about how much regular sessions cost is a big roadblock to getting much needed care. Fortunately, if you have an ACA-compliant health insurance plan, rehabilitative services like physical therapy are listed among the essential health benefits.
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Liability coverage helps cover the costs of any bodily injuries or property damage that results from a collision that you caused (when you are at fault). This type of insurance exclusively covers the damages done to the driver that you hit; it does not cover any repairs to your own vehicle, nor can it be used for your own medical bills or lost wages.
Other structures coverage pays for damages to structures other than your house. This is part of a standard homeowners insurance policy, providing valuable coverage in the event of a covered loss.
If you rely on employer-based health insurance and you lose your job, you may wonder what happens if you need medical care before you are able to get new coverage. Fortunately, there is COBRA, a law passed in 1986 gives many workers and their families the right to retain their health insurance even if they quit or lose their jobs.
If you enjoy off-roading, it is important to ensure that your auto insurance provides the right type of coverage. Understanding your policy can help you make informed decisions and save money in the event of an off-road accident.