When Donald Trump ran for the Presidency in 2016, a major plank of his platform was the repeal and replacement of the Affordable Care Act. In fact, pretty much every Republican in 2016 ran on that promise.
In the summer of 2017, several Republican Senators and every Democrat Senator torpedoed that promise by not agreeing to a plan. Since then, this administration has made several attempts to sink the ACA where they could.
Changes in healthcare are prompting many small business owners to rethink the role of employee benefits like health insurance at their companies. A Guardian Life Insurance study found that providing employees with affordable benefits will be a top concern for small businesses in 2019, yet a majority struggle to provide the healthcare they need. Healthcare costs can greatly impact the profitability of a small business, so benefits strategies must reflect a company’s needs, goals, and values. Below, we explored some of the top health insurance trends that will impact small businesses and how you can adapt in the ever-changing benefits landscape.
Health insurance is one of the most sought-after benefits, but not all plans work the same way. There are several different types of group health insurance that differ in terms of how the insurance is purchased and how it affects the group’s premiums and plan options.
While all these plans have certain advantages and disadvantages, it’s up to you to decide which makes the most sense for your needs. Here are some of the common types of group health insurance options available for small businesses.
When small business owners decide to offer health insurance to their employees, they don’t have to find a plan by themselves. The process can be very complicated for people without an intimate knowledge of how health insurance works, so owners typically turn to brokers or PEOs to guide them through the process. While both PEOs and brokers have the same general goal—to find you quality, affordable health insurance for your business—they work in different ways.
Health insurance comes with many responsibilities for small business owners. Regardless of whether you’re trying to cut health insurance costs or reward specific employees, you may wonder exactly how those responsibilities affect who you offer health insurance coverage. Can you pick and choose who can be a part of your health plan, or are there federal regulations involved? As you may expect, there are some rules you need to follow.
It’s not uncommon for small business owners to wonder exactly what their responsibilities are when it comes to health insurance. With all the uncertainty that can surround healthcare, it’s understandable that owners may be unsure of what the future holds, or what they need to do to make sure their business isn’t violating any legal requirements. Those requirements can depend on the size of your business and if you offer healthcare coverage.
To start, small businesses with 50 or fewer full-time equivalent employees are not required to offer health coverage. However, these businesses are still required to provide a report about healthcare information to employees. This reporting should cover certain information about the marketplace, such as what it is and how employees can contact the marketplace.
Despite it not being mandatory, many small businesses with fewer than 50 full-time equivalent employees still make the choice to provide workers with health insurance because quality healthcare coverage can help businesses attract and retain top talent. This decision can be very beneficial, but it does mean that small business owners will need to take on a few new responsibilities.
Small business owners weigh many factors when deciding whether to invest in a group health insurance plan, but oftentimes the decision comes down to dollars and cents. The Kaiser Family Foundation’s 2016 Employer Health Benefits Survey notes that the high costs of insurance premiums are the primary reason why firms won’t offer health benefits. Even for business owners who do offer plans, rising insurance premiums can create a lot of stress and confusion, especially if the owner doesn’t know how these premiums are calculated and how they can manage them.
Employers can have many questions for group health providers, and that includes exactly how much they can expect to spend. Here’s a rundown on what the insurance industry uses to calculate your group health insurance coverage premium, as well as some strategies that can lead to lower costs.
It’s always a good idea to get more information. For a small business owner, that extra information can be the difference between finding the right group health coverage for your business.
Even if you have a good grasp on the basics of group health insurance, it doesn’t hurt to ask a provider a few important questions before you purchase a plan for your business. Here are some key things that you should ask a provider about group health insurance coverage.
Managing health insurance for a business can get complex in a hurry, especially if you’ve never dealt with group plans before. When it comes to offering healthcare coverage, you’ll quickly find that not all health insurance plans work the same way.
Instead of getting overwhelmed, it’s a good idea to step back, take a breath, and start with the basics. Let’s go over what you should know about group health insurance before you start offering plans to your employees.