A large amount of small businesses will be affected by the health care reform that will go into
effect on January 1st.
According to this Forbes article
http://www.forbes.com/sites/thesba/2013/09/26/whatsmallbusinessesneedtoknowabouthea
lthcarereform/
print/ there are 5 essential things that small businesses should know:
1. Exchanges aren’t the only option
Exchanges do provide a way to purchase insurance but it isn’t necessarily the best one. There
is also the option of looking into the private market.
2. Make sure the broker representing you is appointed on the exchange.
3. Understand the coverage, Streamline your service and Execute your strategy. U.S.E.
Understand your plan in comparison to others as well as understanding the pricing structure.
Streamlining allows you to have a closer look at employee benefits in the way in which they
comply. Employee health care information requires only one company to work with you as
opposed to many therefore making it easier to manage.
Know that your broker and yourself are on the same page in regards to costs, coverage and
helping you execute your health care plan.
4. Ensuring compliance
Making sure your broker and payroll company are on top of compliance is huge. If you offer
health plans which aren’t in compliance you run the risk of being fined or penalized.
5. Analyze the full insurance program
Make sure that all information is correct and compliant. Your broker and yourself should look and
make sure that the details of the plan are understood as well.
effect on January 1st.
According to this Forbes article
http://www.forbes.com/sites/thesba/2013/09/26/whatsmallbusinessesneedtoknowabouthea
lthcarereform/
print/ there are 5 essential things that small businesses should know:
1. Exchanges aren’t the only option
Exchanges do provide a way to purchase insurance but it isn’t necessarily the best one. There
is also the option of looking into the private market.
2. Make sure the broker representing you is appointed on the exchange.
3. Understand the coverage, Streamline your service and Execute your strategy. U.S.E.
Understand your plan in comparison to others as well as understanding the pricing structure.
Streamlining allows you to have a closer look at employee benefits in the way in which they
comply. Employee health care information requires only one company to work with you as
opposed to many therefore making it easier to manage.
Know that your broker and yourself are on the same page in regards to costs, coverage and
helping you execute your health care plan.
4. Ensuring compliance
Making sure your broker and payroll company are on top of compliance is huge. If you offer
health plans which aren’t in compliance you run the risk of being fined or penalized.
5. Analyze the full insurance program
Make sure that all information is correct and compliant. Your broker and yourself should look and
make sure that the details of the plan are understood as well.