Small Businesses May Receive Immediate Small Group Savings

Health insurance providers may offer small businesses a discount for renewing their existing policies

Now that the Affordable Care Act (ACA) or Obamacare is officially going into effect, many businesses are confused by all the rhetoric surrounding the ACA. If your business has fewer than 50 full-time employees it is not mandated to offer insurance. However, if you already offer your employees health insurance, for competitive reason or because you feel it is the right thing to do, you do not need to take any action. Your health insurance provider may actually offer you a discount if you renew your policies now.

Getting documentation that your business has fewer than 50 full-time employees and is not mandated to offer insurance is certainly a smart idea, says benefits solutions leader, Shelby George, at Manning & Napier in Fairport, NY. You may need the documentation for audit purposes.

After being delayed by a month, SHOPs or small business insurance marketplaces will begin selling small group health care policies in November. You may want to look into these exchanges, when the dust settles, to see if you can save on some expenses without sacrificing quality.

“There are so many moving parts to health-care reform that these decisions can only be made on an individual basis,” George says. “The trap for employers is that they may rely only on what their insurance broker tells them, or make a decision based on something the CFO or CEO heard” that may be inaccurate.

Remember that the reason you offer health insurance is as an incentive and benefit to your employees. Take into account how changes will affect them and get their input on the subject. Educate them in how the changes will affect them and any added benefits they will receive in the process. Dispel the rumors and propaganda and get down to the facts.

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