29th March celebrates National Mom and Pop day business owners. In honor of all small businesses 
owners, this article provides an overview of health care options and how they can be beneficial for small businesses.
Like a madman Cube puzzle Rubik, health care is often as another language for small business owners. But should it be? Definitely not. And although many small business owners feel more confused with new laws and regulations from the Affordable Care Act (ACA) entered into force, the truth is, it is not as daunting as you might think.
to help decode health care options for your small business, this article outlines five options you have and how they can benefit your small business.
question: "Should I provide health insurance to my employees?"
No. According to the ACA, small employers with fewer than 50 full-time employees ( ETP ) do not have to provide health insurance. However, as you already know, your small business needs health care benefits to recruit and retain employees. Furthermore, by not providing some sort of health care benefits, your employees must fend for themselves and their families.
Offering health care benefits speaks volumes about your small business, even if you do not have to provide. And fortunately for you, there are many options that are extremely budget conscious, you can choose
Related :. FAQ: Does my small business must provide health insurance
your small business health options - Decoded
in all reality, you should be aware of the bank account for your small business. For this reason, many small business owners choose not to provide health care benefits to their employees - their budgets simply do not allow. But times have changed. traditional group health insurance is the only option.
Many small business owners are not aware of their health care benefits and options are under the impression that they do not exist. So, here are five options available for you and your employees
Option 1 :. Individual Health Insurance (with Premium Refund Option)
This approach is quite simple. In its most basic form, employers run their individual employees of the health insurance market in their state buying individual health insurance. Employees who are eligible can access discounts on their premiums via individual loans tax health insurance.
Then employers can choose to repay all or part of the costs premiums of their employees through a consistent software Refund . This is called a premium refund. Employers can set an allocation based on job description (ie $ 0 / month for managers and $ 100 / month for entry). This option is ideal for small businesses and following benefits:
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Employees have access to premium tax credits
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individual health insurance plans are portable
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The cost control
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Tax free employees (optional)
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No social charges for employers (optional)
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reimbursements administered within minutes
Option 2: SHOP market
If your small business wants to stick to a more traditional style of collective regime, SHOP markets new state - and federal - exchanges directed to small businesses.
Small group health plans are available in the markets and can be a good option to cover employers with 50 or fewer employees. However, small businesses must meet certain requirements to use SHOP plan.
For example, in Massachusetts employers participating store must contribute at least 50% of the premium amount, employers with 1-5 employees must have 100% of registered employees, and employers with 6-50 employees must have at least 75% enrolled. The benefits of a SHOP plan include:
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business is eligible for tax credits for small businesses
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Designed to provide a choice for health care plans
Option 3: Co-Op
If you choose to join a union for health insurance, it is a more traditional approach for your small business. The cooperative is to increase the purchasing power and spread risk among a larger group. Each cooperative is structured differently, so the cooperative can offer better insurance rates as a policy or SHOP group based regional insurance underwriting laws and the cooperative itself.
Advantages of a cooperative include:
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The cost may be less than a traditional insurance plan disease in small groups, depending on the region and co-op
Option 4: Private Health Insurance
a private health insurance exchange is a health insurance exchange run by a private company. Specifically, an insurance exchange illness health insurance offer from broker to people and / or employees. Private health insurance exchanges include the following advantages:
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A choice of two or more health insurance options
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advice and recommendations on what health insurance options best fit your needs
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automated billing for premium chosen health insurance plan (s)
Option 5: Small private group scheme disease insurance
Although many private planes in small groups with high premium costs, employers still have the opportunity to purchase a traditional Medicare plan in small groups . A small private group health insurance plan has the following advantage:
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may have more options than BOUTIQUE
What Healthcare option for your small business?
now know the options you have for your small business, you have to wonder what health care option corresponds to your small business better. If cost is not an issue for you, really no option work. However, because most small businesses are on a budget, option 1 ( individual health insurance with return of premium ) offers the opportunity to realize substantial savings. Moreover, it becomes a means widely used for small business owners to provide great benefits for health care in the country.
Conclusion
We passed through and decoded what can feel like an impossible puzzle for you resolve and respond to the looming question: "should I care benefits options for my small business?" The answer is yes. And if your small business is on a budget, option 1 is the most budget-friendly but still offers everything you and your employees need for health care benefits while keeping money in your small business .
What questions do you have about your health care options? Comment below and let's get a discussion going!
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