Compare Health Insurance can now will email or fax over a Health Reform guide with all the latest information and implementation of the Affordable Care Act. The Word & Brown Companies has developed a clear and concise 8 page presentation for employers for the upcoming healthcare changes for employers both under and over 50 employees.
We will be more than happy to send you this information which gives you a brief overview of what to expect going forward. Our staff will be more than happy to advise on your options as a small business. Companies with under 50 employees in calendar year 2014 should not be concerned about penalities or taxes for not providing health insurance.
Here are some questions and answers:
Will my current health plan benefits change? If you currently have a health plan for your buisness, based on the new law, you may have seen a few changes to your plan. The provided for "grandfathering" of policies that were in effect on or before March 23, 2010, allowing you to keep your benefits for currently enrolled employees, dependents and new hires, but mandating new elements be added to these policies beginning in September of 2010.
Will I pay less for my health insurance coverage - or more? This issue will not be completed resolved until after Health Insurance Exchanges are implemented in 2014. Health reform legislation requires health insurance companies to add new benefits to all policies and this could increase the cost of health insurance in the near future.
However, since more businesses and individuals will be entering the insurance-buying pool, it is hoped more buyers will help lower premiums for everyone. It is expected that Health Insurance Exchanges will encourage more competition in the health insurance industry to help bring down rates as well.
Can I get tax credits for providing insurance to my employees? Yes. If you're a small business or tax-exempt organization that provides health insurance coverage to your employees, you may qualify for the Small Bsuiness Health Care Tax Credit, where you can claim up to 35% of health insurance premiums (25% for tax-exempt organizations). If your average employee wages are less than $50,000 and also pay at least half of the insurance premium for your employees at the single (employee only) coverage rate then you may be able to claim the Small Business Health Care Tax Credit. Visit www.IRs.gov for more details.
Will I be required to buy my insurance from the state Health Insurance Exchange? No. The requirement is that everyone have health insurance-health reform doesn't dictate where you must purchase it. The state Health Insurance Exchange (Covered California) is simply a new place to buy insurance that will be available to individuals and small businesses.
In fact, for small employers in will allow you to offer health benefits to permanent, full time employees, while temporary or part-time employees can purchase health insurance on their own via the Exchange. You can continue to utilize your licensed health insurance broker to make sure you're getting the best benefits for your employees and to help you find the best rates.
Am I required to provide my employees with health insurance? Although businesses are not specifically rquired to provide health insurance coverage, you could hefty penalties if your employees get coverage through a state Exchange. Beginning in 2014, if you have 50 or more full time employees and even one receives a government subsidy to purchase insurance through a state Exchange, you will be required to pay a penalty fee. These penalty fees are not tax-deductible..
Contact us for futher ideas such as offering stipends to your employees so they can purchase coverage through their own on the new exchange Covered California and possibly get subsidies which will allow your employees to get better coverage for a less expensive premium.
We look forward to hearing from you. Please feel free to contact us and we will forward on this Word & Brown presentation for your review.
