Obamacare...Is your company ready.

Are you and your employees ready for Obamacare and the effects it will have on your business?

The Affordable Care Act (PPACA) will impact both you and/or your employees regardless of the number of employees you have in your organization. In 2014 the most affective phase of the plan will go into effect. This will influence the cost of all healthcare insurance plans in some way or another.

For employers with over 50 employees:

For larger employers you will see a varied list of solutions because you must provide a certain level of coverage for your employees or pay a fine. I have read that many employers will elect to take their lumps and pay the fine without providing the coverage. I believe that this will create a problem for those who don't give their employees health insurance coverage. First of all they will have a problem competing for employees because all of the companies that do provide health insurance will be in a better position to hire the better employees. Secondly they will eventually have to deal with the problems associated with healthcare. These employers DO have some cost effective options to keep both uncle sam and their employees happy. If you want to know more shoot me an email or call me at 610-695-8748.

For employers with under 50 employees:

If you employ less than 50 you won't be fined like the larger employers. The plan states that if you employ less than 50 you can keep your existing plan. The law states that everyone must have health insurance, either from their employer or individually. This is going to impact the cost for employers in that the costs will go up. Individuals who buy insurance on their own will probably see costs go down because of the increase in size of the base of insured folks.

There are solutions to this dilemma for both the employer and the individual to save on their healthcare costs. Our partners can provide an analysis of health plans for both small and large groups and give you answers to those issues of rising costs and providing coverage. Call me at 610-695-8748 or email roy@yourwealthadvocate.com. For a quick synopsis of information on what is coming you can download a free booklet provided by the Small Business Council entitled Health Reform in a Nutshell. Again, if you need cost effectives solutions to solving this issue for your company we can help.

Did you know that you have options if you are in either category?

Because of the issues arising from the Affordable Care Act there are many products that will fit a solution to both saving employers in cost of providing healthcare with supplemental plans. These plans often cover deductibles and reimbursements that the employee or employer can pay for, thus reducing premiums and allowing for higher deductibles so that both the employee and employer save on costs overall. We can provide analysis for all of these solutions and implement them for you or your company.

We and our partners can provide an analysis of health plans for both small and large groups and give you answers to those issues of rising costs and providing coverage. Call me at 610-695-8748 or email roy@yourwealthadvocate.com.