The date by which employers with 50 or more employees working 30-plus hours per week must extend them health insurance coverage is rapidly approaching, and owners with these small business insurance needs will likely need to do more to educate themselves about their obligations and potential costs to avoid hefty fees and paying more than they have to.
Millions of small business owners across the country will have to make some sort of decision about the ways in which they comply with the Affordable Care Act's coverage mandate, which goes into effect at the start of next year, and unfortunately, many may still be lagging behind on the important steps they may need to take, according to a report from Entrepreneur. By not making such decisions well in advance of the deadlines for becoming compliant, owners might be putting themselves in a disadvantageous position when it comes to covering their employees as required and also keeping their costs as low as possible.
A number of polls have shown that small business owners generally might not even know exactly what they have to do under the law itself, and that confusion could prove problematic for companies, the report said. On the one hand, many experts say that it can be difficult for owners to keep up with all the regulatory and legal changes going on ahead of the ACA's implementation and also keep their companies running as normal, the fact nonetheless remains that compliance will help them save thousands of dollars per year or more in fines for not getting things right.
The more small business owners do to work with their existing insurance companies to determine what their options are with that specific firm, or to look into alternative plans from a number of entities that can help keep costs for coverage as low as possible, the better position their companies will likely be going forward, the report said. Many insurers are now preparing to help owners get up to speed on their various requirements while also providing the services they always have.
Small business owners looking into health insurance policies may also want to take the time to review what they're paying for other types of coverage, including the workers' compensation and general liability insurance policies they need to keep their companies running. Looking for ways to cut these prices may similarly help to keep overall costs down even as ACA compliance is achieved.