ObamaCare and Small Employers
by Parisi Insurance Agency on 05/21/13
The #1 misconception among my small group clients is that they are required to offer health insurance to their employees or they will be penalized. That is not true. Only groups with 50 or more full time equivalent employees are required to offer coverage or be penalized. If you have a lot of part timers or seasonal employees they could factor into the employee count, so call me and I can help you do the calculations.
That said, the reason you bought a group health plan in the first place- to attract and keep quality employees- is still a very real issue. So what do small groups need to consider in navigating the 2014 changes?
1. You don't have to change plans until your renewal in 2014. So your current plan will not necessarily change 1-1-2014
2. Your plan will have to meet the minimum benefit requirements. We will have more information on plan specifics as the summer comes, so stay tuned. Expect really high deductibles and out of pocket maximums to come down.
3. You will still have to pay a portion of the employee premium, but the large group "affordability clause" will not apply to you.
4. As I meet with you personally on your renewals, we can discuss if the SHOP Exchange is an good option for you, and if you qualify for a tax credit.
Things keep changing, so watch this space for updates as they come along, and please contact me with any questions.
Joe Hart – Parisi Insurance Agency – (800) 358-5868
