Small Business Providing Health Insurance

Health insurance is the most popular employee benefit for most workers and it s no wonder.

Small business providing health insurance. Small business health insurance may help employers compete for good employees. Even with the now repealed individual mandate from the affordable care act aca employers were never required to provide small business health insurance. In contrast just about half of companies will fewer than 100 employers provide small business health insurance. Only companies with more than 50 full time equivalent employees are required to provide health insurance under the affordable care act.

Small businesses have several options from which to choose a partner in providing health insurance. It can have a real impact on their financial health as well as their overall well being. So do most mid sized companies and government employers. Basically the answer is employee attraction and retention which refers to a business s ability to recruit and keep its employees.

If the business decided against offering a health insurance benefit the owners as well as the employees would have to obtain individual health insurance through illinois health marketplace. After all only half of all small businesses with three to 49 employees provided their employees with health insurance in 2017 according to the kaiser family foundation. The affordable care act sometimes called the health care law or aca established the small business health options program shop for small employers generally those with 1 50 full time and full time equivalent employees ftes who want to provide health and dental coverage to their employees. They may prefer to work with a local licensed insurance agent or broker a professional employer organization peo online software services or the small business health options program shop marketplace.