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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.
Adequate auto insurance coverage is important. Not only are all Nevada licensed drivers required by law to carry coverage, but in the event of a collision, your policy is what is standing between you and financial devastation. The term “full coverage” is one that often gets tossed around by drivers, but it’s probably not a term you’ll hear from your insurance agent.
Towing and roadside assistance is an auto insurance policy add-on that provides coverage if you get stranded or your car breaks down. This auto insurance coverage helps you handle costs like locksmith services, towing, battery service, gas delivery, and more.
New rules to the American Rescue Plan Act, stating that employees that are offered “affordable” health insurance by their employer, may now qualify for a subsidy!
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No one wants to be victims of property damage resulting from rioting, and fortunately, auto insurance companies already have provisions for this risk in their coverage options. In fact, there is no need to purchase separate riot, vandalism and civil commotion coverage; if you have comprehensive auto insurance, you most likely have this coverage.
According to Live Science, after being parked in the sun on a 95-degree day for an hour, the inside of a car hits an average of 116 degrees. The dashboard gets even hotter at 157 degrees, the surface of the steering wheel reaches an average of 127 degrees and the seats are a searing 123 degrees on average.
n Nevada, auto insurance companies notify the Department of Motor Vehicles when you drop your auto insurance policy. If you have a lapse in your auto insurance coverage, even 1 day, it will be noted on your driving record. When this happens, you may be faced with a $250 dollar fine that will go up over time, and you can have your license suspended until you have auto insurance coverage again.
Car accidents can be expensive, and your auto insurance policy is your best protection against financial devastation if the unexpected happens. While state-minimum coverage is definitely better than no coverage at all, a high percentage of scenarios shows it’s not enough for most drivers.