ObamaCare and Your Business

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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.

Published in: Economy & Finance, Business
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  • Subsidies: If you currently offer health insurance, some individuals may be eligible for a tax subsidy to purchase individual coverage through a health care exchange (employees with a household income between 100%-400% of the Federal Poverty Level.)
  • Employee benefits are a key indicator of employee satisfaction, retention and productivity. With many options to choose from, including traditional insurance, self-insurance, HMO, PPO, affordable coverage, or a combination of options, take time to determine your business strategy. A few strategies to consider include: Adjust current plan: Talk with your broker or benefits consultant… you may find that your benefits already meet or exceed federal standards, and can actually capitalize on going above and beyond to help protect workforce health and wellbeing. Public exchanges: Exchanges are expected to offer competitive benefits options to small businesses and individuals similar to those that large company group plans provide – giving small businesses the advantage of larger group purchasing power. While it is still too early to tell exactly how competitive the exchanges will be, tax credits coupled with group rates in the exchanges may help your business to provide cost-effective workplace benefits. Savings could be allocated to supplemental benefits or employee salaries to provide increased value to your employees.
  • Because individuals will be able to go directly to exchanges and select their health care coverage, they will need to better understand both their options and health risks.Currently, many employees are in the dark when it comes to their employer’s investment. In fact, 43 percent of employees say they do not truly understand their employer’s contribution to their insurance benefits.2 As health care costs continue to be a concern for many Americans, it is increasingly important for employees to understand their benefits options, make smart benefits decision, and wisely manage their health care dollars.
  • Because individuals will be able to go directly to exchanges and select their health care coverage, they will need to better understand both their options and health risks.Currently, many employees are in the dark when it comes to their employer’s investment. In fact, 43 percent of employees say they do not truly understand their employer’s contribution to their insurance benefits. As health care costs continue to be a concern for many Americans, it is increasingly important for employees to understand their benefits options, make smart benefits decision, and wisely manage their health care dollars.
  • ObamaCare and Your Business

    1. 1. Essential Questions Every Business Must Ask in 2013 About Healthcare Daryl Perry Benefits Specialist Don’t forget October 1st!
    2. 2. 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. 2 73% OF EMPLOYEES SAY THEIR BENEFITS PACKAGE AFFECTS THEIR JOB SATISFACTION, AND 68% SAY IT AFFECTS THEIR LOYALTY TO THEIR EMPLOYER2
    3. 3. 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. 3
    4. 4. 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
    5. 5. Important Facts About Health Care Exchanges
    6. 6. Exchange eligibility by business size 6
    7. 7. 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. 7 43% OF EMPLOYEES SAY THEY DO NOT TRULY UNDERSTAND THEIR EMPLOYER’S CONTRIBUTION TO THEIR INSURANCE BENEFITS.2
    8. 8. 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. 8 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
    9. 9. 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. 9
    10. 10. What next? Contact me 678-664-8517 702-580-4928 perrybusiness@yahoo.com daryl_perry@us.aflac.com 10

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