AJB Blog

Staying In Touch With You

Tag Archives: business health insurance

Businesses with Benefits: Do You Know the Group Health Insurance Laws?

Group health insurance refers to a single policy typically issued to a business with employees, covering all eligible employees and sometimes their dependents. The rules are quite different for group coverage versus individual coverage, mostly because the insurer’s risk is calculated differently. With groups such as businesses, insurers determine a premium price based on risk factors balanced over the entire group, using general information on members of the group, such as age or gender. Health insurance is one of the most important benefits an employer can provide to attract and retain employees. Many candidates look at healthcare insurance as in deciding to accept an offer. Keep in mind, healthy employees makes for a healthy business. Where health insurance differs from other group benefits is that there are certain laws governing its implementation in the workplace. Do you know what’s legally required of your business? What’s Required? While there is no law requiring small business owners to provide health insurance, the Affordable Care Act has guidelines that business owners should be aware of. If you choose to offer coverage, there are regulations you will have to follow. Large companies (with 50 employees or more) may face penalties if they do not offer coverage under the Affordable Care Act. Some employers who offer coverage pay the full premium, while others require employees to pay a portion. When considering what portion of the premium to pay, employers should be aware that the Affordable Care Act offers small businesses tax credits to help offset the cost. Small businesses (with 2-50 full-time employees) are guaranteed group coverage should they choose to purchase it, regardless of the employees’ health status. Owners are generally counted as employees, so sole proprietorships with one employee usually fall into this category, as do partnerships without any employees. Typically, if an employer offers group health coverage to any full-time employees, the employer must offer coverage to all full-time employees. This applies to part-time employed as well. How Coverage Applies Coverage applies regardless of the medical condition of the employees. In other words, any eligible employee can’t be denied coverage based on previous medical problems, known as pre-existing conditions. Any dependents (spouses and children) of eligible employees are generally eligible for coverage under a group plan. Dependents cannot enroll for coverage unless the employee has enrolled. Under the Affordable Care Act, group…
Read more…

Posted in Blog, Employee Benefits, Group Health Insurance | Also tagged , , Comments Off on Businesses with Benefits: Do You Know the Group Health Insurance Laws?

Westchester Employee Benefits: What Candidates Look For In a Company

Westchester Employee Benefits: What Candidates Look For In a Company Business owners of large or medium sized companies will soon be required to offer health insurance to their employees, or face hefty penalties, thanks to the Affordable Care Act. Though health insurance is a requirement, there is no law stating what other benefits, if any, you have to offer. However, benefits are arguably the strongest deciding factor there is for candidates looking for a new job, especially if they are trying to make a decision between two potential employers. Offering additional benefits is a good way for your company to attract and retain high quality workers. So what exactly do potential candidates look for? 401(k) Candidates want to know that they can roll over any vested benefits from their old plan at their previous employer. Not only can a 401(k) plan strengthen your business by attracting and retaining high-quality employees, but it can also help secure your own retirement. The administrative burden of implementing a program can be surprisingly minimal, and some 401(k) plans are web-based, which helps eliminate paperwork while offering 24/7 access to account management. Life and Disability Insurance Disability Insurance can help replace a portion of an employees’ income, should they become injured and unable to work. This is an obvious benefit for them, but can be advantageous for your business too. Offering this benefit can help cover overhead expenses in the event that an employee or business owner becomes totally disabled and unable to contribute to the company. It’s also a great way to recruit and retain candidates. PTO/ Vacation Time Offering Paid Time Off (PTO) or Vacation time makes your company more appealing to potential candidates. Employees are encouraged to take personal time for themselves, which could help improve their mental health and make them more productive when they are at work. PTO plans also help reduce the financial liability that you carry. These are just a few employee benefits that potential candidates might look for when considering where to work. Another benefit you might consider offering is a severance package, should the employee be terminated for any reason. At A.J. Benet, Inc., we understand how important it is to retain your high-performance employees and know that offering the right type of Employee Benefits can help with your business goals. We offer Group Short-Term and…
Read more…

Posted in Blog, Employee Benefits | Also tagged , , , , , Comments Off on Westchester Employee Benefits: What Candidates Look For In a Company