The Affordable Care Act, by all accounts, changed our health care system. A big focus has been on employers with 51 or more employees and how all those changes are going to affect their bottom line and responsibilities as an employer. You must keep one thing in mind; those changes do have an impact on your small business.

In order to administer your employee benefits and stay competitive in your industry, here are some things to remember:

1. No matter the size of your company, are you handing out this required form?

The ACA requires that all employers provide a written notice about the Health Insurance Marketplace. This notice is required whether or not you provide health insurance coverage. This notice is required to all full-time and part-time employees at the time of hiring, within 14 days of the employee’s start date. There are two model notices we can supply to you. One notice is for employers who provide coverage and the other is for employers who do not. Click here and request a copy of the two model notices or here to request a copy of our Health Care Reform Rules for Small Business.

2. If you are not providing benefits, your competitor will steal your employees.

The passage of the ACA affected every American. Not at any point in American history have we been required to purchase a product or get fined (taxed). Yes, you have to purchase auto insurance if you purchase a car but you don’t have to purchase a car.

With that in mind, many employers with 50 or fewer employees saw the ACA as not a problem for them. Since everyone is required to carry health insurance, employees are looking for ways to save money on their individual premiums or looking for employers who will offer that coverage. If you are currently not offering your employees health insurance coverage, you run the risk of losing your employees to someone else.

Retention was cited as the main objective of employee benefits by 41% of employers surveyed in MetLife’s 13th annual employee benefit trends study. For employees, the number of benefits offered at work is important- and the more the better. Are you trying to stay competitive and keep your most valued employees? We can help you stay competitive and keep your best employees in today’s small group environment. Call our office at 803.286.1161 and let us help you stay competitive.

Marty Haynes

President

Haynes Full Circle Benefits