Many small business owners might be going in to panic mode as the new year gets closer. Sweeney & Sweeney Insurance wants you to know we are here to help you through this big transition. In this article we have outlined some key points that you as an owner need to start thinking about now. Below are some questions you can ask yourself to help you make the best choice for your business.
- Do I have to offer coverage to my employees? If you have 50 or more
full-time employees, you are required to offer affordable coverage to your
- How many of my employees are considered full-time? According to the
ACA regulations, full-time employees are 30 or more hours per week. If you are
anywhere near 50 employees you need to be very clear who is considered a
full-time or part-time equivalent. This can be a very confusing process, but
Sweeney & Sweeney has trained professionals to help you walk through these
- What coverage classification should I choose for my employees? The
coverage’s will be tiered as, bronze, silver, gold, and platinum. Be sure to
balance the best offerings with a plan your employees can afford (May not
exceed 9.5% of the employee’s gross income).
- Will I offer coverage for dependents? This is a tricky concept and
you need to be extremely careful. Choose the best balance that your employee’s
family can afford. If a dependent is offered affordable coverage through an
employer they may NOT go to the individual exchange and receive a subsidy. If you
decide to offer employee only coverage, then their dependents can go to the
individual exchange to receive a subsidy. It is very important to balance what
is best for your employees and we recommend speaking to a health care
professional about this.
- Should I handle these decisions on my own? It is highly recommended
to choose an Agency who is Health Care Reform certified to walk you through these
extremely important steps to insure your employees are getting the best deal
and to avoid any penalties to your business. Sweeney & Sweeney Insurance is
here to help. Give us a call for more information!