Healthcare Reform: What it Means for Employers

In our last healthcare post, you learned that healthcare is constantly changing. But, what does that mean for you as an employer? Well, by working with Risk & Insurance Consultants, you will be aware of the many new products that have hit the market since the PPACA was enacted. In fact, our Atlanta health insurance consultants are experts at administering these benefits that other agents in the field are unsure of.“Our youth, energy and contacts in this industry will give employers a service and product they would not find elsewhere,” stated Blake Molina, Health and Benefits Account Executive at Risk & Insurance Consultants. “Once we meet with you and understand your side of the story, we can create a plan of action that would get your benefits in line with the law without sacrificing coverage for your employees.”As an employer, here are a few things you need to know:1.    Larger employers who don’t provide essential health benefits with over 50 employees will be penalized $2,000 multiplied by the number of employees in excess of 30 full-time workers.2.    Businesses with fewer than 50 employees are exempt from penalties faced by larger employers that do not offer coverage.3.    Those employers who assume the risk for their employees under a self-funded plan are generally exempt from state insurance regulations and are instead regulated by the Employee Retirement Income Security Act (ERISA).4.    In 2014, eligible small businesses under 25 employees that purchase coverage through the state exchange may receive a tax credit of up to 50 percent of the employer’s contribution toward the employee’s health insurance premium.5.    If employees have to pay more than 9.5 percent of their income for health insurance, then the plan is considered unaffordable and an employer may be penalized.To learn more about what type of insurance is best for you and your employees, call Blake Molina at 678-681-6555 or Donna Gross, Health and Benefits Practice Leader, at 678-681-6552.Be sure to follow Risk & Insurance Consultants on Facebook!