Small Business Owners should Understand How the loss of Advance Tax Credits will Affect their Employees
Small businesses not subject to Affordable Care Act coverage mandates will be impacted if advance premium tax credits are not continued by the federal government. Individuals counting on a discounted premium applicable to enrollment in a Marketplace Health Insurance Plan (https://www.healthcare.gov/) may soon find themselves (and their families) without affordable coverage.
Employers who have been able to rely on these types of plans to support the needs of employees may realize that their key workers no longer have access to care. Some affected families who are actively receiving important treatment will lose insurance provided through the advance tax credits provided to the carrier directly by the government. An employee with ill health; employees who have fears of restricted access to future care; and even those employees who are unconcerned of the risks of going uninsured are liabilities to their employer.
The Impact To Employees
If employees are expected to show up ready to work, with their minds on the matters their employer has assigned to them, they need protection. They need health insurance, or a tax-free contribution from the employer with the right plan documents. The symbiotic nature of the employer-employee relationship creates an insurable interest. Each needs the other, and that is why the system of employee health insurance provided by the employer makes sense. Walking into an emergency room with life threatening symptoms is not healthcare, it’s a crisis.
Consultative Solutions
More than ever, it may be time to review the costs and benefits associated with supporting the needs of employees with more than a paycheck. A caring agent, like Samantha Bond Richman, can help explain a variety of creative measures that can help make small group health insurance coverage more affordable. Individual attention is given to all inquiries, and ongoing service is our policy. For more information, contact Sam today or call (877) 426-6320.
