affordable care act

How Much Is Your Business Required To Pay In The State Of Ohio For Employee Health Insurance?

by ClaimLinxJuly 25, 2022August 1, 20223 Comments

Building a sustainable business takes a lot of hard work. In today’s competitive labor marketplace, employers have to offer certain benefits to potential employees to join their organizations. A big incentive that most employees commonly expect is health insurance. Getting the right insurance plan may seem difficult to some

The purpose of this guide is to provide a general overview of Ohio small business health insurance. The guide reviews small business health insurance options for Ohio small businesses.

Building a successful business is hard work. Finding affordable small business health insurance doesn’t have to be. All small businesses face special challenges when it comes to finding and getting health insurance coverage. Luckily, recent health care reform legislation provides small businesses with special opportunities to secure affordable health insurance.

Ohio Core Small Business Health Insurance Options

When evaluating your small business health insurance options in Ohio, you should immediately compare the costs and benefits of the following three options:

Offering Traditional Small Business Health Insurance Coverage
Offering a Defined Contribution Health Plan that Reimburses Employees for Individual Health Insurance Coverage, and
Offering Nothing

Ohio Small Business Health Insurance Overview

There are two primary categories of health insurance for small businesses to choose from:

Individual health insurance,
Group health insurance.

Individual Health Insurance

Individual health insurance plans are health insurance plans purchased by individuals to cover themselves or their families. Anyone can apply for individual health insurance. Small business owners who can’t offer group coverage due minimum contribution (or minimum participation) requirements typically purchase individual and family plans for themselves and their families. In 2014, insurance companies will no longer be able to decline individuals for individual health insurance based on a pre-existing medical condition. Also, starting in 2014, there are new special tax incentives available to businesses and employees when employees purchase individual health insurance. In some cases, self-employed persons who purchase their own health insurance may be able to deduct the cost of their monthly premiums. When small businesses decide on the individual health insurance route, they often create a “Pure” Defined Contribution Health Plan to reimburse employees tax-free for individual premiums.

Group Health Insurance

Group health insurance plans are a form of employer-sponsored health coverage. Costs are typically shared between the employer and the employee, and coverage may also be extended to dependents. In certain states, self-employed persons without other employees may qualify for group health insurance plans.

Four Types of Ohio Small Business Health Insurance Plans

Whether you’re looking at individual health insurance or group health insurance, there are several different types of health plans available. The four you should absolutely know are:.

PPO Health Insurance Plans,
HMO Health Insurance Plans,
HSA-Qualified Health Insurance Plans, and
Indemnity Health Insurance Plans.

The plan type that is best for you and your employees depends on what you and your employees want, and how much you are willing to spend. Here’s a brief review of the four popular types of health insurance plans:

PPO Health Insurance Plans

PPO or “Preferred Provider Organization” plans are the most common. Employees covered under a PPO plan need to get their medical care from doctors or hospitals on the insurance company’s list of preferred providers in order for claims to be paid at the highest level.

HMO Health Insurance Plans

HMO stands for “Health Maintenance Organization.” HMO plans offer a wide range of health care services through a network of providers that contract exclusively with the HMO, or who agree to provide services to members. Employees participating in HMO plans will typically need to select a primary care physician (“PCP”) to provide most of their health care and refer them on to HMO specialists as needed.

HSA-Qualified Health Insurance Plans

HSA-qualified plans are typically PPO plans designed specifically for use with Health Savings Accounts (HSAs). An HSA is a special bank account that allows participants to save money – pre-tax – to be used specifically for medical expenses in the future. Section 105 Healthcare Reimbursement Plans (HRPs) are often used in place of HSAs due to their advantages for employers.

Indemnity Health Insurance Plans

Indemnity plans allow members to direct their own health care and generally visit any doctor or hospital. The insurance company then pays a set portion of the total charges. Employees may be required to pay for some services up front and then apply to the insurance company for reimbursement.

When Should Your Business Start To Offer Health Insurance?

by ClaimLinxJuly 5, 2022August 1, 20221 Comment

While operating a business, it is pretty easy to get lost in the day-to-day and put off some tasks for the future. Your employee’s health benefits should not be one of them. Employees place a lot of value on health benefits and in an extremely competitive labor market, good talent can be hard to retain. Health insurance incentives may be what could separate you from the rest, allowing you to retain and attract global talent.

Health insurance can be very costly for businesses, but the benefits definitely outweigh the expenses. Everyone knows that attracting the right talent is one of the biggest challenges for any business. By offering a comprehensive health insurance plan, you could definitely bring in the talent you need to achieve your vision.

But if you’re operating a small business or just starting out, you may be wondering when should your business start to offer health insurance. The answer is as soon as possible! There is no fixed answer for all businesses, but the sooner you put your plan in place, the better. To find the most suitable plan for your business, you can get in touch with reliable healthcare consultants for business owners.

Boost Employee Productivity

Boosting productivity and overall employee efficiency is extremely important for all businesses. If your employees are worried about health expenses, chances are they might not be as motivated as they could be if you offer them health insurance. This is due to the fact that healthcare is extremely expensive in the US.

How Large Do Businesses Have To Be To Offer Health Insurance?

There is no minimum number of employees, but around 35% of businesses that have under 15 employees offer health insurance. With most small businesses and startups struggling to keep up with finances, it can be difficult to allocate funds towards offering health plans. While mitigating expenses to maximize profitability is important, offering health benefits is equally crucial. Startups that have received investor funding do not have this problem since they are in a very good cash flow position.

Around 65% of businesses with less than 50 employees offer health insurance. As the employee count increases, statistics show a significant increase in businesses offering health insurance to their customers. Many businesses have to forcefully allocate funds for these expenses because health benefits have now become a significant part of any expected compensation plan. A health insurance plan gives an employee peace of mind that in case of emergencies, their health benefits would be able to cover expenses.
The Affordable Care Act was put into place in 2010, Businesses with more than 50 employees are required by law to offer health insurance. Failing to do so would result in a large fine. There are different types of health insurance that businesses can provide, each offering a specific coverage amount. Businesses can select what seems feasible accordingly.

While offering stock options may seem like a good incentive, health benefits has its own importance and are typically expected in any compensation plan. Even current employees at businesses are most likely considering other options if they aren’t being offered a comprehensive health insurance plan.

How to Understand Health Insurance from the Marketplace

by ClaimLinxJune 23, 2022August 1, 2022Leave a comment

If you’re new to the world of health insurance, there are several technical terms that may make it seem very daunting at first, but we aim to clear things up within this article. The health insurance marketplaces has provided insurance coverage to millions of individuals over the years. Selecting the right insurance plan is important, because getting an expensive plan that doesn’t contain coverage for what you need is of no use.

The Health Insurance Marketplace

This marketplace offers visitors an opportunity to purchase all types of health insurance plans ranging from individual to family health plans. The primary benefit of this marketplace is that it allows users to compare plans to evaluate pricing, coverage and more. Each state has their own version of the marketplace, while some only utilize the federal one. There is an enrollment period every year where you can purchase plans in the marketplace.
The insurance marketplace stems from Obamacare through the ACA in 2010. As the years passed, around fourteen different states have chosen to create their own health insurance marketplace. One of the biggest benefits is that the plans listed on these health insurance marketplaces provide coverage for the ten necessary health requirements.

Categories of Insurance Plans in the Marketplace

There are 4 different categories, i.e. Bronze, Silver, Gold and Platinum. Platinum level plans are the most expensive, but they also provide the maximum amount of expense coverage. Users can view and compare the coverage of each plan alongside their costs.

While you do need to keep your budget in mind as well, it is important to remember that the price of healthcare in the US is extremely high. Getting a plan that provides better coverage is always the best option.
One important thing to remember is that the platinum level plans do NOT guarantee quality care. You need to go through the list of accepted healthcare professionals to see if the plan is a good fit.

You may also be eligible to obtain financial assistance for your plans if you meet a certain criteria. This can help take care of the high costs of monthly premiums. Once you select a plan, more details about financial assistance will be available to you on the health insurance marketplace.

Eligibility Requirements

To shop in the marketplace, you have to meet certain eligibility requirements. For example, you must be a lawful U.S. Citizen, or a U.S. National. Individuals who are incarcerated cannot purchase healthcare. Another important thing to remember is that you cannot be enrolled in Medicare when purchasing the health insurance marketplace.

Conclusion

If your current employer offers healthcare benefits, do evaluate those options first instead of purchasing directly from the marketplace. This is because employer-based premiums are normally lower with better coverage since the employer obtains them at bulk pricing.
However, if you’re handicapped or unemployed, purchasing directly on the health insurance marketplace is a perfect choice. With numerous options available for you to compare and select from, it is important to take your time to carefully evaluate coverage, premiums, and more.

5 Reasons Small Business Health Insurance Is Critical For Employees

by ClaimLinxAugust 20, 2021August 31, 20214 Comments

Small business health insurance has a variety of programs. For example, personal plans, specific disease plans, etc., as appropriate, should be covered under one type of health insurance. This way, you can get financial help from the insurance company if there are any health problems.

Small business health insurance can be purchased by an employer. Here, the employer buys small business insurance from an insurance company by paying insurance premiums to ensure the health risks to employees in terms of the terms and conditions of the policy. Keep reading to find the value of small business insurance for employees.

There are many options available to businesses looking to provide medical insurance to employees, but usually, small business health insurance comes in the following form:

Health Benefits: Basic: Patient Care, Dependence, International/Regional Availability, Covered Circumstances.
Additional known benefits: maternity and birth control, vision, and dental insurance.
Extended / full benefits: Health screening and vaccination, general health support, and mental health support.

Small Business Health Insurance is health insurance bought by the owner of a small business that covers the company and its employees and provides numerous benefits.

Three characteristics make small business health insurance different from any other type of insurance

They are made functional specifically for a small group
It is available throughout the year.
The employer can contribute to the premium charged to the employee

Now we will look at these characteristics in detail.

Small Business Health Insurance designed for small scale companies:

First, small business insurance schemes are usually run by less than 50 groups. Company owners that have less than 50 full-time employees working under them are not obligated to provide their employee data under the ACA.

Most small business policies include groups of five or fewer people. If your employees were only 1099 contractors last year you may be eligible for health care for small businesses.

Purchase through the year

Second, a difference of small business health insurance is that it is available throughout the year to make purchases. With Small Business Health Insurance, you are not obliged to register during the special registration period open, as much as possible when purchasing special coverage.

Employer contribution to employee premium:

Third, for small business insurance, a business usually has to pay at least 50% of its employees’ monthly health insurance premiums. Exact percentages may vary depending on the situation or system.

It is important to remember that the money you pay in employee premiums is usually deducted from the rules of your business. Ask your auditor or tax adviser how you can save money in this way.

The main goal behind introducing small business health insurance is providing employees of the company a chance at better health facilities and assisting them in managing their health care expenditures. Other benefits, such as financial aid or educational benefits, can be beneficial, but effective medical insurance often adds to global wage benefits.

Most employees rarely ask you to pay for medical expenses out of your pocket, at least without making too much money for the savings they have. Protecting health insurance from your employees will cost less than what they bought for themselves – and, as a group, you will have more control and negotiation power to ensure that the money you spend on insurance is spent wisely.

The importance of small business health insurance for employees

The following points highlight the importance of a small business insurance scheme for employees.

1) Availability of basic insurance

Employees can benefit from basic insurance coverage such as hospitalization due to their employer. The employer usually pays the policy. Therefore, an employee can avail of the benefit of the insurance scheme free of cost.

2) Sub-conditions

Personal health insurance systems have stronger terms than group health policies. For example, the terms of the waiting period, health checkup, and maternity cover are not small compared to a group health plan.

3) Family coverage

With small business health insurance plans not only you can avail of the benefits but your family members are also secured In this way, the financial security attached to the coverage is extended to other family members. You can easily avoid a stressful situation by making the right decision at right time and secure your and your family’s future.

4) Insurance management

Once you are covered under the health insurance policy provided by your employer and after learning about the start and implementation of the plan, you can consider better coverage by opting for a single health insurance plan. For instance, a small business health policy offers all the facilities of basic health insurance ad allows you to buy a critical illness policy.

5) Peace of mind

A medical emergency can quickly lead to a financial emergency. This puts a lot of stress on the patient and family members. A health insurance policy can provide great assistance in difficult times like these.

Be informed

Covering only under the Health Team will not help you. You need to know its availability for insurance. That way, you know what’s included in the system and what’s not.

You must go through the details of the policy of small business health insurance thoroughly whether you are a company owner looking for an insurance company to buy insurance or an employee who is availing the coverage. Do not hesitate to ask the insurance company about your queries and ensure that you understand everything.

As mentioned above, small business health insurance is a quite helpful facility for employees as well employers. Where employees avail numerous benefits and are secured through this type of insurance, employers get a chance to grow their business by providing strength to the most important resource of their business. You must decide smartly and choose the right company along with the right package. Making the right decisions will help in the future and give good results. Go through policies before making any decision.

Senators to Vote on Republican Healthcare Bill

by ClaimLinxSeptember 22, 2017December 4, 2019Leave a comment

This week Republican Senators Lindsey Graham, of South Carolina, and Bill Cassidy, of Louisiana, introduced a new healthcare bill aimed at repealing and replacing the Affordable Care Act known as Obamacare.

The Senate is expected to vote on the bill next week, as any repeal and replace bill must be completed and voted on by September 30 in order for it to pass with only a simple majority of 51 votes.

This bill would mean a radical change to the current healthcare system. Here are some of the biggest changes in the bill:

Repeals the individual mandate requiring all individuals have health insurance.
Repeals the employer mandate requiring all businesses with more than 50 employees to provide an affordable health plan.
Allows insurance companies to reinstate lifetime benefit maximums.
Allows insurance companies to charge people with preexisting conditions more money for a plan.
Requires insurance companies still provide coverage to people with preexisting conditions.
Removes the optional Medicaid expansion for each state.
Dissolves the federal insurance marketplace known as healthcare.gov.
Gets rid of the federal subsidies to help pay insurance premiums for those that cannot afford them.
Combines the funds for the Medicaid expansion and insurance subsidies into large block grants given to each state to spend freely to improve healthcare in the state.

Funding in the form of federal block grants to states would continue until the year 2026, when funding would be cut off. Most harmed by this bill are those states that chose to implement the Medicaid expansion through the ACA. States that did not do this would see a large influx of cash through the federal block grants in the bill.

Because of the short time frame to vote on the bill the Congressional Budget Office will not be able to provide a full analysis of how this will affect coverage for Americans, though the CBO did say it would release a limited analysis early next week.

You can see how your state’s funding will be affected in this analysis by the Kaiser Family Foundation.