Affordable Care Act 2019 – How does it affect my company?

The Affordable Care Act of 2019: it seemed, for some time, as though it wouldn’t exist. Despite political uncertainty, the ACA remains. While mandatory coverage for all Americans has been repealed there are still facets of the ACA in play–and as a business owner, it’s important that you understand how it has the potential to impact your company.

Health Insurance Remains Important for Your Business

Health insurance is one of the most important aspects of a job.  Offering a comprehensive benefits plan can help attract and retain employees, help your employees be more productive, and offers tax incentives.

The Cost Factor, the repeal of the individual mandate means health insurance premiums may rise in some markets. Some states have enacted laws to mirror the original ACA, however, an increasing number of people are unable to pay for health insurance that adequately covers their needs. Many more employees may opt for high deductible policies that are designed to provide coverage only in the event of medical emergencies. As a business owner:

Without an adequate benefits plan, you may see employees taking more sick days. Since they’re unable to visit a clinic and receive medical care that’s reasonably paid for, they may avoid seeking medical treatment until they have to. That may mean an increase in sick days since employees are more likely to “wait it out.”  Delaying care may also result in longer absences.

Providing insurance does not have to be cost-prohibitive. You want to take care of your employees, but you can’t afford to do it if the cost rises too high. As a result, you may find that increasing insurance premiums makes the cost of insurance for your employees prohibitive. Offering employer-sponsored health coverage, but requiring employees to pay a percentage of the cost, may help offset this expense. We can design plans to meet your needs, including self-funded options.

You need to shop around. In some areas and with some providers, the cost of insurance is actually dropping–though not every provider is on board. If you’re struggling to cover insurance premiums, take the time to shop around. You may find that insurance is more affordable than you initially thought.

Do you need a health insurance policy for your employees that work with your finances? We’re here to help you find the right arrangement for your company. Contact us today to learn more about the insurance policies that are available to you as an employer and how they can shape your employees’ health in 2019.

Dan Levenson

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