What Small Business Owners Need to Know about Health Care Reform

What Small Business Owners Need to Know about Health Care Reform

Regardless of your thoughts on the Affordable Care Act, small business owners must prepare themselves and their businesses for the upcoming health care reform. The following tips can help your business stay in compliance with the healthcare reform, ensuring your employees are covered. Partnering with a PEO company (professional employer organization) can help you improve your small business health care options.

 As health care exchanges may become a viable option for many small businesses, you should know that private market options could still hold a lot of value. Do not automatically assume that switching to an exchange once the Affordable Care Act, also known as ObamaCare, becomes viable is the best option for your business. Hiring a PEO organization to help you select the right health care plan for your employees is a strategic option when ObamaCare goes into action, as it could save you both time and money. Weighing your options, which include both exchanges and private market options, is the key in understanding which coverage works best for your business. PEO companies can educate you on various health care plans and how they apply to your employees.

PEO Services Can Help You Comply with the Affordable Care Act

Compliance with health care mandates is absolutely imperative under the Affordable Care Act. Even if you stay with your existing private market option, your business must stay compliant with federal regulations. Your PEO (professional employer organization) company will provide you with information on deadlines and details to stay compliant while minimizing costs. If you do not notify employees of healthcare options under the Affordable Care Act, you could face penalties for not being compliant. Turn to an experienced PEO services organization in order to fully understand these requirements, as they’re available to your business.  Health coverage penalties can range from penalties by the IRS on your tax bill to a silent lien on your property, and can become increasingly harsh with continued failure to comply with ObamaCare.

You should understand your health care coverage rights before making any final decisions. Small businesses are protected from being denied health coverage because of the health status of the employees. Furthermore, coverage plans cannot charge higher premiums for women or increase premiums for groups incurring high medical costs. If your small business has less than 25 employees, you may also qualify for tax benefits. Although the Affordable Care Act is causing small businesses to re-analyze their existing plans and possibly change to newer options, you can help your business by streamlining coverage. A PEO company can help you manage services like workers’ compensation, health insurance and payroll, and ensure that your business is compliant with state and federal regulations.

Save Money by Partnering with a PEO Organization

The Affordable Care Act may or may not cause you to review your health insurance, but understanding your current plan and all of the available options could help you save money. It’s best to fully analyze your options before making any decisions. Together with your PEO organizations rep, you can streamline your services, save money and comply with ObamaCare regulations. For assistance in navigating ObamaCare and for more information on how a professional employer organization can help, please call SourceOne Partners at 561-674-0748 or click here.