No Health Insurance? Changes For 2019
From battles over the Affordable Care Act and the rising costs of medical care that makes insurance critical, as a new law declares that businesses with fewer than 50 full-time employees be exempt from the employer mandate fine – group health insurance should remain a top priority for business owners regardless. The importance of offering group health insurance to all full-time employees and providing affordable minimum value coverage should remain in full effect.
It is a possibility that some small businesses are ill-informed about the benefits of group health insurance or they are unsure whether they are eligible to offer it to their employees at their size. Here’s what we know.
The benefits of group health insurance
With the Affordable Care Act, a primary aim of this piece of legislation is to ensure that no business operates without providing health insurance. But what about businesses with less than 50 employees? The employer mandate was implemented to guarantee full-time workers affordable coverage, reducing the number of people without healthcare and avoiding an increase in costs for health insurance for the rest of the population. Just because the fine no longer stands doesn’t mean these realities disappear. Offering your employees health insurance goes beyond its respective medical benefits. It’s an incentive for loyalty, providing your employees with a peace of mind that their needs are carefully looked after. In return, you will see more productivity and less turnover.
So, if you’re wondering if your business qualifies for group coverage, the answer is yes. Owners, partners, and sole proprietors are all considered employees. The good news is, every state guarantees access to group health benefits for businesses between 2 to 50 employees, and in some states, coverage is even available to groups of 1. Because of the nature of a small group, to reduce risk, insurance providers do require a minimum participation requirement to offer these policies. 70% of full-time employees must be on board or at least have coverage from another source.
Establishing your eligibility to offer group health benefits to your employees and navigating health insurance options can be a lot to keep track of. With the help of experienced and caring agents, Schechner Lifson Corporation can offer your business health insurance, making sure you get the right coverage at a price that may be more affordable than you think. Contact us today!