Obamacare or the Affordable Care Act takes into effect beginning in the year 2014. As a result many businesses who are employers will need to keep a number of things in mind when looking to compensate their employees. As you may already know, everyone is required to have health insurance or they will be liable for a fine. This applies to businesses as well. There are five important things that an employer must know when the Obamacare takes into effect. The things that employers must know are that they need to notify their employees about exchanges, they can email notices, businesses with 50 or less employees can renew their plans early, small businesses can use different exchanges if they operate in multiple states and also you won’t get kicked out of an exchange if you grow to over 50 employees by 2014.
The first thing employers need to know is that they must notify their employees about health insurance exchanges. This means that they are required by law to inform their employees about the various exchanges available to them in terms of health insurance policy options. Therefore, an employer will need to provide a notice to their workers that lets them know about the numerous health insurance exchanges.
Another thing to know is that employers can email the notices to their employees. Owners of small businesses are allowed to send an email to their employees about the various health insurance policies and exchanges. During this process, the employer must be sure that the employee gets the information immediately. As part of the requirement, businesses must offer the paper documents if they are requested by the employee.
Companies can renew the insurance plans early if they have 50 or less employees. Businesses of this size will have the opportunity to enter the Small Business Health Options Program. With this access they can compare the various insurance policies and also have the means to renew their current policies as well. This can all be done in November and December of 2013 so that things will all be set in time for the start of 2014.
Businesses that operate in multiple states won’t need to worry about staying with certain exchanges. They will have a number of options to choose from and therefore have the means to choose the best policy options for them and their employees. This gives companies flexibility and a way to make sure that they get the ideal insurance options during the year.
Lastly, businesses that have 50 employees and get more than this during the year of 2014 won’t need to worry about getting kicked out of an exchange. This will give them more peace of mind and save them from a lot of difficulty. Not getting kicked out of an exchange will also give businesses more security in that they will be sure to provide the insurance options that are best suited for the companies and employees’ needs.