If you think the affordable care act didn’t affect your small business…think again!
The Affordable Care Act, by all accounts, changed our health care system. A big focus has been on employers with 51 or more employees and how all those changes are going to affect their bottom line and responsibilities as an employer. You must keep one thing in mind; those changes do have an impact on your small business.
In order to stay competitive and compliant in your industry, here are some things to keep in mind:
- No matter the size of your company, are you handing out the required forms?
The ACA requires that all employers provide a written notice about the Health Insurance Marketplace. This notice is required whether or not you provide health insurance coverage. This notice is required to all full-time and part-time employees at the time of hiring, within 14 days of the employee’s start date.
- If you are not providing benefits, your competitor will steal your employees.
The passage of the ACA affected every American. It is required that most individuals purchase a qualified health insurance plan or pay a penalty.
With that in mind, many employers with 50 or fewer employees saw the ACA as not a problem for them. Since everyone is required to carry health insurance, employees are looking for ways to save money on their individual premiums or looking for employers who will offer that coverage. If you are currently not offering your employees health insurance coverage, you run the risk of losing your employees to an employer who does.
In a recent MetLife employee benefits trend survey, 41% of employers cited retention was the main objective in offering employee benefits. For employees, the number of benefits offered at work is important- and more the better. Are you trying to stay competitive and keep your most valued asset? If not, it’s time to start.
Blog Content provided by: Marty Haynes, President, Haynes Full Circle Benefits