The Affordable Care Act (ACA) has implications for all businesses, big or small, but the type and amount vary based on the number of your employees.
These can include, but are not limited to:
- paying taxes
- providing employees with health insurance
- filing tax returns and/or annual report information
Fortunately, level or max-funded health insurance plans offer assistance with many of these hurdles. They offer level pricing at 25 to 40 percent less cost, allow you to choose the plan you offer employees and can pay back unused premiums yearly. With level-funded plans, the healthier your employees, the less of their premium they are likely to use and the more money your business may receive at the end of the contract year. Wellness programs can help employees stay active and eat right, while prescription concierge programs and tele medical benefits can decrease the amount of premium used by providing employees with cost-efficient alternatives to copays. These are risk management tools that can be added on to a number of health insurance plans.
The following are a few questions to ask yourself to begin the process of determining your business' compliance with the ACA:
- How many full-time or full-time equivalent employees does my business have?
- Is the health insurance plan I have chosen affordable for all employees?
- Are all employees receiving the same coverage and benefits?