If you are an employer with over 50 full time employees OR under 50 employees with a bunch of part timers…you better get ready. There’s a good chance you will have to offer at least the minimum level coverage that has been identified by ObamaCare, for your employees and their “dependents”…excluding spouses (weird huh!) The offering cannot cost the employee more than 9.5% of their gross wages, or it will be deemed “unaffordable” and non-compliant. That means you, the employer, will have to contribute up to that point. Health Insurnace for larger groups is complicated and getting worse. If you have a broker that does not specialize in Health Insurance for Larger Groups, you may be getting misled or incorrect information. There are only a certain number of hours in the day, if the broker sells more than just Health Insurance for Large Groups, there is not way anyone can absorb and stay current with all of the requirements. Things are changing CONSTANTLY!
ObamaCare is a complicated piece of legislation,love it or hate it, it’s not going anywhere. BUT….you have to understand it, you have to embrace it, to some extent. That means being on the cutting edge of what’s going on in the industry. If you’re dealing with other insurance, Home, Auto, Life, Fire, etc, it is IMPOSSIBLE to become an expert. There simply is not enough hours in the day AND too much information to study.
At Brauer Insurance, we are certified in ObamaCare and how it relates to Health Insurance for Large Groups. That’s a big deal and not easy to do. Because I’ve positioned ourselves as experts in the industry and I don’t want to look like a moron when people ask me questions, we have to stay current on developements and how it impacts Health Insurance for large groups.
Even small groups (defined as under 50 employees) have compliance issues with ObamaCare..right now, not in 2014!! If you’re broker has not stepped up and gotten you the tailored paperwork for your company…ask them WHY NOT??
There are a lot of things to consider with Health Insurance for Larger Groups…”do I self fund, do we not offer it at all and pay the penalty”. Lots to consider. January is right around the corner…my suggestion is to align yourself with a broker that you can trust to help you navigate it. Hopefully they’re “independent and family owned”.
Steve Brauer- Principal/Broker Brauer Insurance Services LLC..(408) 421-5555