No matter your business size, group health insurance is something you need to consider.
The Affordable Care Act changed a lot about healthcare in our country. Individuals feel its impact throughout the year, from only being able to purchase coverage during open enrollment to needing new information about their policy when they file their taxes. Even so, businesses have arguably felt a greater impact. Whether you’re running a new startup or a major corporation, you need to think about group health insurance.
If your business has over 50 full-time or full-time equivalent employees, you’re legally required to offer group healthcare to your employees. If you don’t, you’ll be subject to “play or pay” penalties, which basically means your business will be assessed heavy fines at tax time for not complying with Affordable Care Act regulation.
Even if the federal government isn’t forcing you to offer coverage, it’s still a good idea. A solid group health insurance plan is a cornerstone of every good employee benefits package. Benefits, in turn, help attract better staff to your business and improve employee retention. In short, if you want to hire the best people and keep them there, you need to offer healthcare.
How much your business will pay for health insurance depends on a number of factors. The size of your company, your claims history, rising costs of healthcare, and the health of your employees might all be considered when an insurance carrier is determining your group health insurance costs. The best way to find out how much of your budget you need to be prepared to designate towards health insurance is to talk to an Affordable Care Act expert, like the ones at Donald Weiss Insurance Services.
Whether you need to buy group health insurance to comply with the law or just want to put together the best benefits package possible, contact Donald Weiss Insurance Services today! Our Santa Monica, California team can shop coverage options and put together the best group health package for your business.