On the employer’s end, providing health insurance can be costly and complicated. However, it can also be a reliable way to bring in new hires, improve productivity and boost morale and job satisfaction. Small businesses that want to provide this benefit have options that let them do so affordably.
Trying to determine what insurance you or your family need or qualify for can be a struggle. Do you need employer group insurance, private insurance, or Obamacare insurance?
New rules to the American Rescue Plan Act, stating that employees that are offered “affordable” health insurance by their employer, may now qualify for a subsidy!
An employer-subsidized plan is a sensible option for employees. Not only does the employer pay at least 50% of the employee’s premium, but the remaining premium is tax-free and taken directly from the employee’s pay.
Beginning in 2020, some employers will have the option of reimbursing employees’ health insurance premiums by using an ICHRA as an alternative to providing a group health insurance plan.
A major medical health insurance plan is a comprehensive medical plan that can help you pay for doctor’s visits, hospitalization, and prescription drugs if you should become sick or injured.
Group health insurance coverage is a health insurance policy that is purchased by an employer and is offered to employees (and typically to the employees’ family members) as a benefit of working for that company. It is usually part of a comprehensive benefits packages that employers provide for employees.
Rather than paying a portion, or all of the premium, an employer can offer a fixed dollar amount to employees for their choice of individual health insurance.
There has been considerable controversy in recent months about whether the Affordable Care Act is causing employers to shift towards a part-time workforce.
Employers offering group insurance must report employees and employers portion of health care premiums on Box 1 of the W2’s.