Group Products
|
|
Group insurance products are available for businesses with two or more full time employees. They are offered on an Employer sponsored basis with all or a portion of the cost paid by the Employer. Many of these products can also be offered on a voluntary basis where the employees decide if they wish to purchase the benefits, and the employer deducts the cost from the employees’ paycheck.
Under the Affordable Care Act, businesses with less than 50 employees may decide whether they wish to offer medical coverage to their employees. However, there is no tax penalty if coverage is not offered.
In addition, employers with 25 or fewer employees with average annual wages of less than $50,000, may be eligible for a special tax credit through the SHOP (Small Business Health Options Program).
The Affordable Care Act requires that Employers must inform employees of their obligation to enroll in health insurance coverage. Employers must notify employees that they have access to guaranteed coverage in the Individual Health Insurance Marketplace during the annual open enrollment period, and that they may be eligible for government subsidies.
Under the Affordable Care Act, businesses with less than 50 employees may decide whether they wish to offer medical coverage to their employees. However, there is no tax penalty if coverage is not offered.
In addition, employers with 25 or fewer employees with average annual wages of less than $50,000, may be eligible for a special tax credit through the SHOP (Small Business Health Options Program).
The Affordable Care Act requires that Employers must inform employees of their obligation to enroll in health insurance coverage. Employers must notify employees that they have access to guaranteed coverage in the Individual Health Insurance Marketplace during the annual open enrollment period, and that they may be eligible for government subsidies.