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69% of small business owners are either not prepared for the October 1st deadline with ObamaCare or do not even know what to do about Healthcare Reform............. WAKE UP!!! As a business owner you need to be a cut above the rest. Find out what you need to do to protective yourself and take advantage of certain parts in this major American milestone.
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Essential Questions Every Business
Must Ask in 2013 About Healthcare
Daryl Perry
Benefits Specialist
Don’t forget October 1st!
Should I offer employer-provided coverage?
• With tax subsidies available, it may be cheaper for some employees to purchase coverage through health care exchange.
• Employees with household incomes 100%-400% of federal poverty level could benefit from buying insurance from exchange because of premium tax credit.
• Employees who do not qualify for these subsidies will not receive tax credit.
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73% OF EMPLOYEES SAY THEIR BENEFITS PACKAGE AFFECTS THEIR JOB SATISFACTION, AND 68% SAY IT AFFECTS THEIR
LOYALTY TO THEIR EMPLOYER2
Which strategy will I choose?
Adjust current health plan
• Keep in mind: employees may be eligible for tax subsidies through public exchange if their required contribution to employer-sponsored health insurance exceeds 9.5% of employee’s annual W-2 income, or plan pays less than 60% of covered health expenses.
Public exchange
• Small businesses with 25 or fewer employees with annual wages less than or equal to $50,000 may be eligible for tax credit of up to 50% of their premium payments.
• Savings could be allocated to supplemental benefits or employee salaries.
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Which strategy will I choose?
THE 2012 AFLAC WORKFORCES REPORT REVEALED THAT WORKERS WHO ARE EXTREMELY OR VERY SATISFIED WITH
THEIR BENEFITS PROGRAM ARE SIX TIMES MORE LIKELY TO
STAY WITH THEIR EMPLOYER THAN THOSE WORKERS WHO
ARE DISSATISFIED WITH THEIR BENEFITS PROGRAM.2
Important Facts About Health Care Exchanges
Exchange eligibility by business size
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Exchanges affirm importance of employee education
• Individuals will need to better understand their options and health risks.
• Employees will be responsible for deciding how they spend their health care dollars.
• As some employers move toward defined contribution plans, employees will be in control of how they use and add to their employer’s contribution.
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43% OF EMPLOYEES SAY THEY DO NOT TRULY UNDERSTAND THEIR EMPLOYER’S CONTRIBUTION TO THEIR
INSURANCE BENEFITS.2
Voluntary products work with major medical coverage
to provide essential safety net
• As health care costs continue to rise, supplemental policies help provide a layer of financial protection to employees—without adding to your overall costs.
• Unlike major medical insurance, these policies pay cash benefits directly to policyholder.
• These policies are a way to offer broader benefits package to your workforce.
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EMPLOYEES WHO ARE OFFERED VOLUNTARY BENEFITS BY THEIR EMPLOYER ARE 15% MORE LIKELY TO SAY THEIR
CURRENT BENEFITS PACKAGE MEETS THEIR FAMILY’S NEEDS EXTREMELY OR VERY WELL.2
Conclusion
Health care costs continue to rise, and the Affordable Care Act has
begun to fuel changes that are difficult for businesses to ignore.
It is more important than ever for businesses and individuals to have a
clear understanding of their health benefits, to make smart benefits
choices, and to wisely manage their health care dollars.
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What next?
Contact me
678-664-8517
702-580-4928
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