Although these policies generally do not directly impact an employer’s need to offer health insurance, an individual mandate at the state level may lead to an increased demand from the workforce to have coverage through their employer. However, a few states have established their own individual mandate. While the employer mandate still stands, the individual mandate penalty is reduced to $0 beginning in 2019. A small business health care tax credit is also available to eligible businesses offering health care to employees. Eligible small businesses can purchase health and dental care coverage through the Small Business Health Options Program (SHOP). Many of these programs are aimed at small businesses with the intention of helping them find and offer affordable health benefits. If this insurance is not offered to full-time employees and their dependents, the company may face the potential of a tax penalty.Ĭompanies falling under the 50-employee threshold that wish to offer a health plan to employees should also be aware of programs offered in conjunction with the Affordable Care Act. The Affordable Care Act includes an employer shared responsibility provision, stating that in general, employers with an average of 50 or more full-time equivalent employees during the preceding calendar year must offer adequate and affordable health insurance. Continuing impact of the Affordable Care Act Employees also ranked health and dental plans among the most important benefits for increasing morale, along with monetary bonuses and additional paid vacation time. Health care was the most commonly offered benefit, according to those surveyed. Many large companies offer health insurance, but a 2017 Paychex survey noted that 43 percent of companies with less than 100 employees offer this benefit as well. In a tight labor market, a potential employer's benefits package can be one of the top determining factors for individuals juggling multiple job offers. Importance of offering health insurance for employees But with the right support and resources, it can become a welcome addition to your company's benefit offerings. With so many different choices available, understanding the process of setting up a health insurance plan can be difficult. In today's health care marketplace, even the smallest employers wishing to offer this important benefit can find plans to help meet the needs of their employees. Many in the workforce count on their employer to provide access to affordable health insurance.
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