One Provision That Some Small Employers Have to Worry About:
Employee Notification Requirement: In effect since Oct 1, 2013. The notification requirement applies to any business regulated under the Fair Labor Standards Act. This means all companies with at least one employee and $500,000 in annual revenue. You can find information about this requirement on the U.S. Department of Labor website. You can also see the example notices that can be used by both employers who offer insurance (PDF) and by those who do not offer insurance (PDF) there. If the government provides a model, we usually recommend you use it. These model notices can be downloaded, filled out, and printed, either for distribution in the office or for mailing to employees’ homes. Employees who come on board after Oct. 1, 2013 must get the notice within 14 days of their start date with the company.
The Only 3 Things You Need to Know About ACA
You are not required to offer an ACA compliant health plan for your employees (take a deep breath).
You may not HAVE to offer a plan, but below we list 5 reasons you should still WANT to.
In case you didn’t know, some employers might be required to notify all employees of the health insurance exchanges where they can purchase their own plans. Visit the next page to find more information about this requirement and whether it affects you.
You Have a Choice
Some employers believe offering health benefits to their employees is too costly, complicated, and filled with administrative hassle. This does not have to be the case. Small employers have some great options and the upside to offering benefits can be huge for the success of your business.
5 Reasons to Offer Benefits to Your Employees
Healthier and More Productive Employees – Your bottom line will thank you for the increase in moral alone. A happy healthy worker saves you money. Period.
Decrease Absenteeism and Presenteeism – Employees are worth the most to you when physically AND mentally present. Health issues take a major toll in both these areas.
Retention/Recruiting – One of the top questions qualified employees ask: “Do you offer benefits?” Attract and retain your high value employees by offering a competitive health benefits plan.
Tax Advantages – Invest in your employees rather than throwing the money away to pay higher taxes.
It’s easier than you think – Today as a small employer you have some great options. There are solutions that are cost effective, hassle free, and will benefit you as an employer.
As you consider offering health benefits coverage, this is also a great time to review what your costs are for other kinds of coverage like workers’ compensation insurance. Employers Resource can assist you in finding more affordable plans for you and for your employees. We completely take the hassle out of the administration side. Simplify your life with a solution that allows you to deal with only one vendor to take care of all of your insurance and benefits administration for your employees. A PEO solution gives you this opportunity. We are your guide through ACA, and relief for all of your other HR related headaches.
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