If you haven’t thought about health insurance for your employees, health care reform will require you to do so. Although the high cost of health insurance has often made it an unaffordable employee benefit, your options will change as the overhaul of the health care system continues. As a business owner, whether you’ve offered healthcare benefits or will be doing so for the first time, there are many factors to consider.
- Definition of Small Business
While the federal government defines a small business as a company with less than 100 employees, many states may use a different definition. Be sure to check with your state.
- Number of Full-time Employees
Federal aid is dependent on the number of full time employees. Average annual wages is also factor in determining if credit is available in 2010 and subsequent years.
- Requirements for Health Insurance Offered by Business Owner
Beginning in 2014, there will be a variety of new regulations that will apply to small business owners. These guidelines include the establishment of SHOPS (Small Business Health Options Programs) in addition to fines for lack of or inadequate coverage. Understanding these requirements is critical when shaping a health insurance program for your company.
- Additional Benefit Programs
The Patient Protection and Affordable Care Act has created new programs specifically designed to present individuals attractive opportunities to plan for future healthcare expenses.
As a small business owner, you’ll want to be certain that you assess how health care reform will impact your business now and in the future.