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
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
Employers Must Notify Employees about Health Insurance by October 1, 2013
Some employers may believe that because the employer mandate provision of the Affordable Care Act (ACA) has been delayed until January 1, 2015, they face no new requirements under the law until that date. Not true! While large companies (over 50 full-time employees) have been given an extra year (until 1/1/15) to provide health insurance to their employees, employers are still required under ACA to notify employees about their options
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
Early Renewal for Health Insurance Plans
Why Renew Early? With the next phase of the Affordable Care Act (ACA) going into effect in just under six months, many small businesses that currently provide group insurance for their workers are concerned about the law’s impact on the cost of doing so. Individuals, too, are wondering if their costs will increase under ACA. Under the law, new health plans must cover the essential health benefits, but at the
Helping Businesses Navigate Health Care Reform
If you are a business owner or manager involved in your company’s group insurance process, check out a terrific new resource that we think will really help you understand and navigate the Affordable Care Act. We’ve added the document to our Resources page which you may want to bookmark so you can refer back often! As always, give us a call if you have any questions. We will be happy
