Are you a small business owner (employing less than 50 FTE)? Do you offer health insurance to your employees? Have you heard of SHOP — the Small Business Health Options Program — and is it right for your business? Group Health Insurance Although small business owners are not required by law to provide health insurance, doing so is a great way to attract and retain the best and brightest talent
Can Your Small Business Get a Tax Credit by Providing Health Insurance?
If you are a small business owner, have you considered providing health insurance for your employees? The Affordable Care Act (ACA) makes health insurance mandatory for most Americans in 2014, and the deadline for individuals to enroll in personal coverage — March 31, 2014 — is approaching quickly. Your employees may be scrambling right about now to get coverage. If you are trying to decide whether or not to provide
Online SHOP – Small Business Health Options Program – Delayed by One Year
Last week we learned that the Department of Health and Human Services (HHS) has delayed by one year the launch of the online SHOP (Small Business Health Options Program). What is SHOP? SHOP is the federal online health insurance marketplace through which small business owners (employing less than 50 FTEs) can shop group health insurance plans for their employees. The idea behind SHOP is much the same as that of
Flexible Spending Accounts (FSAs) Now Allow $500 Carryover
In good news for consumers, last month the US Department of Treasury and the Internal Revenue Service (IRS) announced a change to the “use-or-lose” rule for Health Flexible Spending Arrangements — also known as Flexible Spending Accounts or FSAs. (Read the full notice here.) What is a Health Flexible Spending Account (FSA)? When considering which benefits to offer its workforce, an employer may choose to offer the option of a
The Role of the Broker in Buying Employer-Sponsored Health Insurance
The delay of the employer mandate under the Affordable Care Act (ACA) means employers will not be required to provide group coverage for their employees until January 1, 2015. But, the mandate is going to happen, and we recommend employers begin to think — and plan ahead — for that eventuality. In fact, under ACA, employers must notify their employees about their health insurance options by October 1, 2013 (read
