Even after all the controversy and website mismanagement, the Affordable Care Act will swing into action after the first of the year. Many companies want to learn more about how this new law and all the implications and repercussions will affect their business. To better understand the role of the ACA in your workforce; let’s take a look at some of the factors and what it means for your business. Here are three ways that the Affordable Care Act will affect your employees.
- More options for small companies.
Prior to the ACA, small businesses were often in a position with fewer options for providing healthcare for their employees. They faced higher rates depending on the makeup of their workforce. This was especially true if they employed women, older workers, and anyone with chronic conditions. Starting in 2014, insurance companies will be unable to charge more based on these criteria. In addition, individual plans must offer essential health benefits that equal that of a policy offered by an employer.
- Factor the size of your business.
The ACA will affect companies differently based on the number of employees they have on their payroll. Companies with fewer than 10 employees will qualify for various additional benefits from the program. Larger companies between 11 and 24 employees will also qualify for tax breaks if they pay 50% or more of their employee’s individual insurance cost. Larger businesses will not qualify for tax credits, but for companies with more than 50 employees they may be able to participate in Small Business Health Options Program. Talk with an insurance expert to find out how these programs may apply to your organization.
- Consider temporary staffing to augment your workplace.
As employers begin to navigate the seemingly complicated waters of the ACA, many are turning to temporary staffing as a way to hire the talent they need without adding to their permanent workforce. Because of the changes in healthcare laws, many of these temporary employees will already have health coverage when they begin their assignment. Staffing services may also act as a consultant regarding employment issues and questions.
Are you looking for the best ways to work within the new law to benefit your workforce and your business? Contact the employment experts at Anserteam to see how we can help you!