Does My Business Have To Provide Health Insurance?
As a small business owner, you’re probably pretty confused about how Health Care Reform is going to impact your business. The good news is, you’re not alone. Many business owners both large and small are still not sure how Reform is going to affect their businesses when it officially ‘rolls out’ in 2014.
One of the most common questions that we get from our business owners is; “Do I have to provide health insurance to all my employees?”There is no straight yes or no answer for this question but here is what you need to know;
If you employ less than 50 employees there is no mandate to provide health insurance benefit to your employees.
If you employ more than 50 employees then the Health Coverage Mandate applies –
Employers with 50 or more full-time employees must offer “affordable” health coverage to all those working an average of 30 hours a week or more; otherwise, you will pay a penalty for every employee that does not have coverage.
Employer Mandate – Employers with 200 or more employees must auto-enroll workers in the health care plan that provides “affordable” coverage.
So there you have it. That is what you need to know about providing health insurance to your employees. If you have any further questions about Health Care Reform, feel free to contact us at: 914-633-1717