There’s no question the Affordable Care Act (ACA, Obamacare, Health Care Reform, etc.) has caused a great deal of unease for business owners. The employee benefits division at the Accel Group is here to help your business navigate the murkey waters of the ACA. The following FAQs will show you how.
Q: Is the ACA good for my small1 business?
A: It might be…about 1/3 of the small businesses we work with in our local market switched in 2014 to ACA compliant health insurance plans with either CoOportunity Health or Wellmark-BCBS.
Q: Why did those groups move?
A: $$$$ – The groups that switched are now saving an average of nearly 20%2 which equates to:
– $140 per employee per month, or nearly
– $1,700 per employee per year,
all while improving their plan. These groups reduced their single deductible by an average of more than $300 and reduced their single OPM3 by an average of nearly $800.
Q: Why didn’t all of your groups switch?
A: The ACA definitely won’t be good for all small businesses, but depending on the demographics of your employees, it might be good for yours.
Q: Why would I have The Accel Group prepare a quote for my business now?
A: It’s really a no-lose situation. Our belief is that knowledge is power. You may find out you can save money and offer better health insurance coverage to your employees today, but even if you learn the new ACA compliant plans will cost your business more in the future, you can start planning for that. The key is healthcare is likely your second largest expense and knowing the potential impacts helps you run your business.
Q: Will my employees all have to fill out applications in order for us to see if we should change to an ACA compliant plan?
A: No, all we need is a census that includes the birthdates of your employees and dependents they might want to have on your plan.
Contact us today at The Accel Group to see how we can help!
Employee Benefits Specialist
1 – The ACA currently defines small business as those with under 50 full time equivalent employees.
2 – Savings calculated vs. their 1/1/14 premiums from their 12/1/13 non-ACA renewal.
3 – OPM – Out of Pocket Maximum