STRICTLY BUSINESS DECEMBER

SMALL BUSINESSES: REVIEW GROUP INSURANCE OPTIONS

It’s time for small businesses to look at group insurance.

The Affordable Care Act does not require a small business to offer health insurance to its employees. In Nebraska, a small business is defined as less than 50 full-time equivalent employees. Many employers in this category offer group benefits because it is a critical factor in attracting and retaining quality employees; particularly when the economy is growing and unemployment is low. The competition for employees demands it. Businesses that offer entry level jobs with lower salaries may not offer group benefits because their employees can get better insurance benefits at a lower premium through the Health Insurance Marketplace. Those employees would lose access to the Marketplace if group benefits were offered. Other employers have elected to not provide group insurance, but offer wage increases as a method of contributing to the cost of an employee’s health insurance.

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