With the Affordable Care Act (ACA, sometimes called "Obamacare"), businesses are required to follow certain rules regarding insurance for their employees. Some of these rules are what we call "admin-heavy" and require being detail-oriented.
Required information about the Marketplace
Even if you offer your employees health insurance, you are still required to inform them of the Health Insurance Marketplace.
90-Day Waiting Period - Maximum
Most employers do not offer insurance to their employees from day one. However, be mindful, because your employee can not be forced to wait for coverage for longer than 90 days.
Disclosures
This is where offering health insurance can feel burdensome and admin-heavy. As an employer, you must send or deliver Summary of Benefits and Coverage Disclosures (SBCs) to all of your employees. These are often very long documents and may be difficult to deliver to your employees.
Flexible Spending Accounts (FSAs)
It is important for employers to understand FSAs as they can be confusing for employees. In 2018, employees are not allowed to contribute more than $2,650 to their FSAs. However, that number does not apply to the amount employers may contribute.
Of course, this is not all there is to know about offering insurance to your employees. For more information or to set up a meeting to learn more, contact Jerry Smith and Associates.
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