If you own a company and are considering offering Group Benefits or Group Health Plans to your employees, you may be entitled to financial assistance because of Health Reform. I have to warn you, its not easy to qualify. Some have done it, many have not. There are a few hoops to jump through, but it could end up saving you some money. The assistance comes in the form of tax credits typically. I’ve had a few groups that have been able to collect several hundred dollars each year because of the assistance. When I do speaking engagements at various venues with Financial Advisers, I always ask the group how many of their clients actually qualified for the assistance. I’m met with many frowns, but a few hands raised that confirm that they are out there.
Assistance somewhat elusive but worth a shot if you’re an employer offering Group Health coverage
I look at it this way, all they can say is no, right? You have to have less than 25 employees earning no more than a certain amount, and a few other details. I just figure if you don’t try, you’ll never get it. My advice has been to several employers that offer Group Health Plans that fall into that category is to give it a try. Advice from your CPA would be a good idea too. They would have a better idea if you qualify. When Health Reform started, the Obama administration was crowing about all of the assistance that was available, both on Covered CA for families and Employer Groups. Many of those folks have been very disappointed.
Many Employer Groups and Individuals have been disappointed with Covered CA
If you’ve tried to get a subsidy or financial assistance from Covered CA, you may be in the group of disappointed people. There are a lot of them. I think it was oversold and under delivered. The idea is good, but the implementation of left much to be desired. The bottom line, make sure you have a good adviser to help you with any Covered CA issues. Our services are free. The broker’s commission is built into the premium. It comes down to who you think would be the expert, or the specialist in Health Insurance