Here’s a holiday gift you weren’t expecting: a new small business health plan finder that provides accurate, unbiased and free information to employers who are looking for information on health insurance coverage for employees. HealthPocket provides a picture of what health insurance exchanges could look like under the Affordable Care Act, and promises to be constantly updated as new aspects of health care reform are implemented. The site enables employers to assess all plans available in their region, select plan features and likely prices, and find the best way to apply for coverage. Users do not need to register on the site or even provide their name or contact information.
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Posts Tagged ‘health insurance’
Web.com Small Business Toolkit: HealthPocket (Health Plan Finder)
December 24th, 2012 :: Maria Valdez HaubrichHealth Care Reform: Myths and Realities
November 27th, 2012 :: Maria Valdez Haubrich
By Maria Valdez Haubrich
While the news is full of big companies crying foul about health care reform now that President Obama has been reelected, how are small businesses reacting? The primary sentiment among small business owners is mass confusion, reports eHealth’s Fall 2012 Small Employer Benefits Survey.
The poll of small businesses and self-employed people found that 77 percent of small employers were holding off on their long-term expectations of how health care reform might impact their business. The biggest concern (held by 61 percent of small employers) was the cost to their businesses. However, 25 percent were struggling simply to understand what health care reform would mean to their companies.
eHealth took a look at the realities of health care reform and asked small business owners their beliefs and found a big disconnect. Here are some of the myths and realities.
Health Care Reality: Under the ACA, employers with fewer than 50 full-time employees are not required to buy health insurance for those employees.
Health Care Misunderstanding: Only two employers in the survey had more than 50 employees. However, one-third (34 percent) incorrectly thought they would be required to provide insurance for employees in 2014, and about the same number (35 percent) weren’t sure if they would be required to do so. Only 31 percent knew they will not be required to provide health insurance.
Health Care Reality: If you have fewer than 50 employees, you don’t face a tax penalty of any kind if you don’t provide health insurance for your employees. Employers with 51 to 199 full-time employees must pay a $2,000 tax penalty for each employee who buys health insurance through an insurance exchange. But they don’t have to pay taxes for the first 20 employees who do so.
Health Care Misunderstanding: Thirty-four percent (34 percent) of the employers in the survey thought they would be taxed if they didn’t offer health insurance in 2014, and 35 percent weren’t sure. Only 31 percent correctly said they wouldn’t be required to pay a tax for not offering insurance.
Health Care Reality: The Affordable Care Act calls for health insurance exchanges to be created in each state in 2014. Exchanges will allow employees to buy subsidized health insurance on the individual market even if they have a pre-existing medical condition. If you feel guilty about not offering insurance, this could ease your mind by making it easier for employees to get insurance on their own.
Health Care Misunderstanding: The vast majority of small business owners (78 percent) admit they aren’t familiar with health insurance exchanges or how the exchanges might affect their businesses.
Despite their uncertainties, the majority (68 percent) of respondents did not plan to stop offering health insurance to their employees. About one-third said they would consider dropping insurance, but just 3 percent said they definitely plan to do so.
Image by Flickr user twbuckner (Creative Commons)
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Web.com Small Business Toolkit: K&A Health Care Credit (Health Care Credit Evaluator)
November 14th, 2012 :: Maria Valdez HaubrichNot sure if you qualify for the Health Care Tax Credit? Kellogg & Andelson want to help you figure it out. The Small Employer Health Insurance Tax Credit (IRS Code Sec. 45R) is part of the Patient Protection and Affordable Care Act (PPACA), President Obama’s signature health care law that was upheld by the Supreme Court earlier this year. You might be eligible to receive a tax credit of as much as $50,000 per year for 2010 and 2011. Up to 4 million employers may be eligible for the credit, yet fewer than 172,000 claimed it in 2012 because some were unaware and others found the calculations too complex. K&A will help you determine whether you qualify and then prepare your paperwork to help you get what’s owed you.
Google+Health Insurance Costs Rise More Slowly—Is That a Good Thing?
September 25th, 2012 :: Karen AxeltonBy Karen Axelton
When I opened my company’s health insurance premium renewal packet recently, I got a pleasant surprise: Although our small business’s premiums increased, it was at a far lower rate than in years past. Turns out we’re not alone: The Kaiser Family Foundation reports that the cost of employer-provided health insurance increased by about 4 percent compared to last year. By comparison, family coverage costs rose by 9 percent between 2010 and 2011.
The average cost to cover a family of four through employer-provided insurance is now about $16,000, according to the 2012 Employer Health Benefits Survey. The cost of individual insurance coverage through an employer increased by a mere 3 percent, to an average cost of $5,615 per policy.
Despite widespread concerns about the Patient Protection and Affordable Care Act’s effect on employer-provided insurance, the survey found that 61 percent of companies offer health benefits to their workers – the same as last year.
Ironically, workers who earned lower wages had higher deductibles and paid more for their insurance than higher-paid employees. Kaiser found that in where at least 35 percent of workers earn $24,000 or less annually, workers paid an average of $1,000 more in premiums (nearly $5,000 out of the employees’ pockets). By comparison, workplaces where at least 35 percent of workers earn $55,000 annually, workers paid an average of $4,000 for their share of premium costs.
The slower rise in costs is good news for your small business’s budget, but will it last? Experts caution it’s not necessarily a result of the PPACA, but could stem from several factors:
- The general slowdown in the economy has curtailed spending all over.
- Many employees are limiting or avoiding doctor visits or non-urgent surgeries because they can’t afford the out-of-pocket costs.
- Employers are better educating employees about the costs of coverage, whether by shifting more of the premium costs to them, increasing copay and prescription drug costs, or providing more information about options for choosing insurance and providers. Given this information, more consumers have been willing to do things like choosing generic over brand-name drugs.
How are you keeping health insurance costs down at your small business?
Image by Flickr user andres rueda (Creative Commons)
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How Will Small Businesses Handle Health Insurance Reform?
June 26th, 2012 :: Karen AxeltonBy Karen Axelton
The Supreme Court’s decision on the Patient Protection and Affordable Care Act will be announced this week. But regardless what the Court decides about health-care reform, it’s unlikely to have a drastic effect on health insurance coverage currently offered by businesses, according to an International Foundation of Employee Benefit Plans survey reported in LifeHealthPro.
A whopping 85 percent of businesses surveyed say they either definitely will or are very likely to keep offering health insurance coverage in 2014, and almost 10 percent said they are somewhat likely to continue coverage. Just 1 percent definitely will not offer coverage, and 4 percent were somewhat or very unlikely to offer coverage.
The survey polled U.S. employers of all sizes and in about 20 different industries to ask “What are you doing with your plan as a result of health care reform?” So far, many businesses have been in a holding pattern. Although 47.2 percent have analyzed how health care reform could affect their businesses, and 39.1 percent are starting to take steps to deal with reform, 31.3 percent are taking a “wait and see” attitude.
What are they waiting for? Some 80.7 percent are awaiting the Supreme Court decision, 62.4 percent say they want more regulatory guidance and 52.1 percent are waiting to see who wins the 2012 Presidential and Congressional elections.
Based on the analysis they’ve done so far, about 70 percent of respondents say the health care law will lead to higher costs in 201. To curb costs, employers are making some changes, with the most popular being:
- increasing employees’ share of premium costs
- increasing in-network deductibles
- increasing out-of-pocket limits
Health care reform or no, rising health insurance costs have been a reality for businesses for the past several years. Despite the costs, “employers recognize that offering health care coverage is an important benefit that helps retain current employees, attract future talent, and increase employee satisfaction,” said Michael Wilson, International Foundation CEO.
Image by Flickr user Keithburtis (Creative Commons)
Google+HealthCare.gov: Health Insurance Finder Tool: Small Business Resource
May 7th, 2012 :: Maria Valdez HaubrichHealthCare.gov’s Health Insurance Finder
Created in response to the health insurance reform law, the Affordable Care Act, the HealthCare.gov Health Insurance Finder tool will make it easier for businesses, individuals and families to find affordable health care options. The site is super user-friendly and gives the user a wide variety of options to compare. Watch the Small Business Health Finder video for visual help on how to find the right insurance for your business. Enter in how many employees you have, your ZIP code, what you want the copay to be and some other specifics, and the site narrows your choices for public or private insurance options.
Google+How to Save Money on Your Business’s Health Insurance
May 1st, 2012 :: Karen AxeltonBy Karen Axelton
Are you struggling with the high cost of health insurance in your business? It seems like every year, premiums go up without fail. Fortunately, there is one way to decrease your costs that could also increase your team’s productivity, satisfaction and happiness: offering wellness programs and incentives.
AccountingWeb recently rounded up the results of several surveys of health and wellness programs in the workplace. WORKING WELL: A Global Survey of Health Promotion and Workplace Wellness Strategies found that 45 percent of companies who measured the results of their wellness programs found that such programs reduced overall healthcare costs. A survey by Highmark Inc. that analyzed wellness programs over a four-year period found companies that had wellness programs saved an average of $332 per participant.
A Department of Health and Human Services Report done in 2010 found that 75 percent of the $2.5 trillion spent on health care each year in this country goes to treat preventable conditions. So it only makes sense that preventing health problems before they arise through wellness programs would decrease health care costs.
Beyond the costs savings, offering wellness or fitness programs to your employees can have benefits including better employee morale, greater productivity, fewer sick days, less turnover among employees and greater success in attracting qualified employees.
What do employees say? According to AccountingWeb, employees whose companies offer wellness programs say they not only have more energy and feel healthier, but also feel more valued by their employers and more bonded with their co-workers.
How can you incentivize employees to stay healthy and well? AccountingWeb reports that some of the most popular incentives include:
- Access to such as cholesterol screening, smoking cessation programs and nutrition counseling.
- Access to fitness programs such as gyms, exercise classes or yoga classes
- Discounts on health club memberships
- Healthy snacks at the office such as providing fresh fruit instead of donuts at meetings, or catering healthy dinners instead of pizza when employees work late
- Holding wellness-related events such as brown-bag lunches where experts come in to talk to the team about health and fitness
- Offering health-related perks or rewards such as gift certificates for spa treatments or massages
Of course, some of these incentives are easier than others for small companies to offer. Start by checking with your health insurance provider to see what types of fitness and wellness incentives or educational programs they offer. Even if you can’t get your employees free membership in a health club, you may be able to work out some type of discount or set up a barter system where your business barters services in return for discounts on memberships. Also consider teaming with other small businesses to attract health educators to speak at your companies or provide on-site massage, yoga or relaxation classes.
Last, but not least, remember that you need to set the example. Hold “walking meetings,” encourage employees to use their lunch hours to work out or take a walk, and support healthy habits. The results will pay off for you, your team—and your business’s bank account.
Image by Flickr user Mimar Sinan (Creative Commons)
Google+How Businesses Will Handle Rising Health Insurance Costs
April 18th, 2012 :: Rieva LesonskyBy Rieva Lesonsky
It remains to be seen whether all or part of President Obama’s Patient Portability and Affordable Care Act (PPACA) will be struck down by the Supreme Court, and how any changes to the law would affect small business owners. But as we wait to hear the Court’s ruling, one thing is certain: The cost of providing health insurance is going up. Unless you’ve got money to burn, this is a concern. How can your small business contain the rising costs?
Towers Watson/National Business Group’s annual survey of how large businesses about how they are handling the rising cost of health insurance offers some insights that can help small companies, too. Here’s what you can expect for 2012 and beyond:
There’s good news and bad news. Health care costs are increasing, but at least the rate of increase is fairly stable—5.9 percent in 2012 as opposed to 5.4 percent last year. The average cost per employee of providing health insurance will reach $11,664 in 2012, up from $10,982 last year.
Both employees and employers are sharing the burden of these cost increases. Employees’ share of costs have increased 40 percent compared to five years ago, while employers’ share of costs has increased by 34 percent.
What are employers doing to keep costs from spiraling out of control? In general, big businesses in the survey were planning some big changes to their health care benefits in the coming years. The key trends:
- 40 percent are focusing on developing a company culture where employees are accountable for their own health.
- 40 percent are focusing on reviewing their overall benefits mix.
Making Employees Responsible: Companies that encourage employees to take accountability not only for their health but also for the cost of the health care services they use have had a much lower increase in their average health-care cost—just 2.2 percent over the past four years. These companies are providing employees with more information about the costs of different choices, restricting access to narrower networks of providers, and providing incentives to promote healthy lifestyles.
More than two-thirds of respondents in the survey already offer incentives, but in the future, companies say they are more likely to add penalties for unhealthy behavior. (Twenty percent of respondents already use penalties.)
Reviewing Benefits Mix: With the future of the PPACA still uncertain, 34 percent of companies are closely monitoring the outcome of the court’s decision and focusing on compliance. The current options for employers under the PPACA include discontinuing health insurance for employees, offering insurance to only part of your staff, or giving employees a defined contribution they can use to purchase insurance from state Exchanges.
The survey found just 3 percent of employers are somewhat to very likely to discontinue health care plans for active employees in 2014 or 2015 without providing a financial subsidy. But 45 percent of employers are somewhat to very likely to offer coverage to only a portion of their workforce and direct the others to buy insurance through Exchanges.
Other tactics businesses will use to cut costs include increasing employee contributions for dependent or spousal coverage, and adding Account-Based Health Plans (ABHPs) that enable employees to put aside money for health care costs. Fifty-nine percent of companies currently offer an ABHP today, and 11 percent plan to do so next year.
What tactics will you use to keep costs of health coverage low?
Image by Flickr user Images of Money (Creative Commons)
Google+Hidden Health Insurance Tax Deductions
March 10th, 2011 :: Maria Valdez HaubrichBy Maria Valdez Haubrich
The new health insurance regulations are complex and can be confusing—especially when it comes to tax time. However, there are some tax breaks related to the new laws that you won’t want to miss out on. To help, eHealthInsurance.com has created the following list of tips to help self-employed people and small business owners take advantage of all possible health-insurance related deduction – including a new, one-time-only opportunity for 2010 tax returns.
- Take a one-time opportunity to reduce your self-employment taxes. In addition to the standard “above the line” deduction described below, people who are self-employed can also deduct the cost of their health-insurance premiums from their self-employment taxes on Schedule SE. This is a one-time-only opportunity available for 2010 taxes, so if you’re self-employed, be sure to take advantage of it.
- Deduct health-insurance premiums as a business expense. If you had self-employment income in 2010, you may also be able to deduct health insurance premiums you paid for yourself and your dependents as an “above the line” business expense (that is, without itemizing) on your federal tax return.
Be aware, however, that you may not deduct premiums paid for any month in which you were eligible to participate in an employer-sponsored health insurance plan, and that the amount you deduct cannot be greater than your net self-employment income for the year. Also, keep in mind that you may not be able to include what you paid toward your monthly premiums as an “above the line” expense and itemize it as described in the next tip. Talk to your tax professional to learn more about the different types of self-employment status and the tax implications of each in your state.
- Itemize your health insurance and medical expenses. If you itemize on your federal tax return you may be able to deduct medical expenses from your taxable income. According to IRS Publication 502, qualifying medical expenses include monthly premiums you pay for coverage (including some Medicare premiums), copayments, deductibles, dental expenses, and costs for some services not covered by your insurance plan. Keep in mind: You can only deduct the portion of your medical expenses that exceeds 7.5 percent of your adjusted gross income (AGI). That means this deduction isn’t for everyone, but if you (or one of your dependents) were seriously ill or hospitalized last year, you may qualify.
- Maximize your refund with your Health Savings Account (HSA). An HSA is a tax-advantaged savings account used in conjunction with an HSA-eligible health insurance plan. Account contributions, qualified distributions and earnings are all tax-exempt. An HSA allows you to deposit a portion of your pre-tax income into a savings account and use those funds to pay for qualified medical expenses. Unused money can be invested and accrue from year to year. If you have an HSA, be sure to deduct your contributions up to federally prescribed limits. Contributions to your HSA designated for 2010 and made before April 18, 2011 can be counted toward your 2010 federal taxes. According to IRS Publication 969, HSA contributions for the 2010 tax year are capped at $3,050 for individuals and $6,150 for families.
- Be aware of how the COBRA subsidy may alter your taxable income. If you were laid off and chose COBRA coverage while starting your own business, be aware of how COBRA can affect your income. Those enrolled in COBRA as the result of a layoff after June 1, 2010 no longer qualified for the 65 percent federal COBRA subsidy, but plenty of people who did qualify for the subsidy were still receiving it in 2010. If you received the COBRA subsidy, your taxable income may increase depending on how much money you made in 2010. If your adjusted gross income was between $125,000 and $145,000 ($250,000 – $290,000 for those filing joint returns), you may only be eligible to retain a portion of that subsidy. If your adjusted gross income was greater than $145,000 ($290,000 for joint-filers), you are not eligible for the subsidy and should review your tax liability for the subsidy carefully.
Of course, this advice isn’t suited for every business, so be sure to check with your accountant or tax preparer to take the steps that are right for you.
Image by Flickr user Clever Cupcakes (Creative Commons)
Google+Open Enrollment Tips for Small Businesses
December 22nd, 2010 :: Karen AxeltonGoogle+
It’s that time of year when many small business owners are reassessing their health plans. Anthony Lopez, eHealthInsurance.com’s Small Group Specialist, provided us with this guest post offering tips for handling open enrollment.
(1) Have a frank discussion with employees: Health care costs are increasing for a number of reasons, including increased utilization and mandated benefits. If employees understand the challenges this presents to your business, it may make picking up a greater share of the cost easier for employees to stomach.
(2) Encourage employees to find the best plan for them: Surveys have shown that most Americans who get insurance from an employer have NO idea what their employers contribute towards their health insurance on a monthly basis. The average group health insurance policy costs families $1,147 per month, and some employees are paying 50 percent or more out of their own pocket. With costs like this, it’s important for employees to pay attention to their plan details and what may be changing. And if employees are paying high insurance rates every month, and barely using their coverage, it may be time to rethink their options.
(3) Learn about the new tax credit: Not all small businesses can afford to offer health insurance. But new this year are tax credits of up to 35 percent of premiums are available for small businesses with 25 or fewer employees with annual wages of less than $50,000 that buy their employees health insurance. This credit is available starting with the 2010 tax year. Yet, employers need to be covering 50 percent (or more) of the total premium cost (50 percent of a benchmark premium) for their employees.
Tips for Helping Employees During Open Enrollment
(1) Review every plan: Employees sometimes wait until the last minute to choose their plan. But by carefully weighing their options, they will be better-positioned to make sure that the plan they choose will cover the health care benefits they need for the coming year.
(2) Evaluate premiums: Premiums are increasing, but if saving on their monthly share of the premium is a priority, employees may want to revisit their current plan and opt for one of the less expensive plans available.
(3) Remind them of out-of-pocket expenses: When looking at their overall health insurance cost, it helps to know their plans’ copays for doctor and emergency room visits. If they visit the doctor frequently, these can add up. If they don’t visit the doctor but a few times a year, it may save to look for a plan with a higher copay and lower premium. Employees should factor in how much they are spending on their out-of-pocket drug payments too, if they have regular prescriptions they need to fill.
(4) Shop smarter: Buying only what you need can help save on the monthly premium. Choosing a high-deductible plan is smart for some individuals and families because it typically reduces monthly premiums, but you must be prepared to pay the amount of the deductible in the coming year as healthcare needs arise.
(5) Consider an HSA: Some employers offer a higher deductible option with a Health Savings Account (HSA). Depending upon healthcare usage, this can be a good option for savings because money can be acquired pre-tax in your HSA to cover unexpected health expenses not covered by your health plan. Unused savings can also roll over year-after-year through retirement.
(6) Compare with their spouse: Check your spouse’s plan to see if the employee share of the premium is more or less than your plan. Especially if their spouse works for a large company, it may be more cost-effective to insure themselves or their family under their plan.
(7) Track health expenses: Regardless of the plans they choose for 2011, it helps to track all health care costs, including insurance premiums, copays and drug expenses. This will provide employees with the knowledge they need to evaluate their health care options for 2012.
Photo Courtesy: Anthony Lopez/eHealthInsurance.com
