full-time employees | Bernardini & Donovan

September 12, 2014September 8, 2016

How Obamacare Will Affect Your Small Business

As the various insurance implications surrounding Obamacare continue to affect both individuals and small businesses, it is important that you make sure that you are complying with the Affordable Care Act. Depending on the size of your small business and the amount of full-time employees that you have, you may be required to offer them health insurance. As we observe how recent health care reform is affecting our California small businesses, there are some trends that are worthy of acknowledgement:

Obamacare has contributed to the growth of consumer-driven health care. As a consumer-driven industry, employees and patients are acting as medical consumers and controlling how their health care allowances are spent. Since the responsibility of controlling health care choices is transferred to the employees, small business employers benefit from consumer-driven health care.
As a small business employer, it is important that you educate yourself of the various health insurance options available to you. When it comes to small businesses and health insurance, you have the luxury of offering your employees tax-free money so that they can make their own health insurance purchase.
The entire way employee benefits work is altered by recent health care reform. Rather than providing your employees with a group health insurance plan, you now have the luxury of offering your employees a health care allowance instead. If you have experienced the inability to offer your employees group health insurance in the past due to failure to meet minimum requirements, you can now offer employees this commodity, tax-free!

Contact Bernardini & Donovan Insurance Services for all of your California business’ health insurance needs. We understand that the various implications surrounding Covered California may have you confused, and that is why we are available to dispel any myths and reveal only the truth.

August 22, 2014September 8, 2016

How Will Covered California Affect My Health Insurance?

With the introduction of Covered California, better known as Obamacare, many individuals and businesses are left wondering how the implications will affect their lives. Health exchanges have been put in place, providing individuals and businesses with a specific place where they can purchase health insurance through Covered California.

Although these health exchanges have been put in place, many Californians will continue purchasing health insurance from insurance companies, brokers, and private health exchanges. Since the majority of California residents who purchase health insurance will not qualify for government tax subsidies, many individuals would prefer to avoid purchasing health insurance from the state exchange service.

If you choose to purchase health insurance on an off-exchange plan, you will still be receiving top quality care. This is because the off-exchange plans are required to follow the 10 essential health benefits, offering the following 10 necessities:

Services during emergencies
Outpatient care without hospital admittance
Hospitalization
Maternity care and newborn care
Care for those with mental health and substance abuse problems
Prescription medications
Rehab and rehabilitative services
Laboratory facilities
Pediatric care
Preventative care

While there are still options for health insurance, it is now required by law that you obtain health insurance. Under the recent health care reform, all individuals must have health insurance. Likewise, there are a variety of legal requirements businesses must abide by now. If you have more than 50 full-time employees, you are now required by law to offer those employees health insurance. The next open enrollment period is fast approaching, so be sure to get informed so that you can make the appropriate health insurance decision based on your unique needs.

We understand that the various implications surrounding the Affordable Care Act may have you confused, and that is why we are available to dispel any myths and reveal only the truth. Contact Bernardini & Donovan Insurance Services for all of your California health insurance needs.

August 18, 2014September 8, 2016

Does Your Business Qualify For SHOP Tax Credits?

Did you know that as a small business owner with fewer than 25 employees you may be eligible to receive a tax credit? This is only of course if you qualify to offer your employees health coverage through the Small Business Health Options Program, also known as SHOP.

The Small Business Health Care Tax Credit is typically awarded to small businesses whose full time employees make an average of $50,000 or less annually. In order to qualify, you must be willing to pay at least 50% of the premium costs of your full time employee’s health care. You will not be required to offer health coverage to your part time employees or to the dependents of your full time employees. If you have fewer than 10 employees, expect to receive the ultimate benefits. The smaller your business, the larger tax credit you can expect to receive.

Employers abiding by the SHOP qualifications can receive up to 50% of their contribution towards employees’ premium costs. As a tax-exempt employer, you can receive up to 35 percent of your contribution towards employees’ premium costs in tax credits. Remember, this tax credit is only available for those employers who have provided their employees’ health coverage through the SHOP Marketplace.

How to Qualify for the Benefits of the Small Business Health Tax Credit:

You must have 50 or fewer full time employees in order to offer health coverage through the SHOP Marketplace.
As a SHOP member, you must offer health coverage to each full time employee.
In order to qualify, about 70% of your employees must enroll in your SHOP plan.
You will need to be relatively close to a SHOP service area in order to take advantage of this program.

Bernardini & Donovan Insurance Services strives to provide Redlands, California residents with excellent insurance services custom tailored to meet your unique needs. Contact us today and allow us customize a unique health insurance package for your family based on your needs.

August 11, 2014September 8, 2016

SHOP: How It Can Benefit Your Small Business

With all the confusion surrounding the implications of the Affordable Care Act, it is imperative that you utilize all the available options as a business owner. The Small Business Health Options Program has been put in place to guide small businesses through the process of offering health coverage to their employees.

As a small business owner with 50 or fewer full-time employees, you are given the opportunity to take advantage of the Small Business Health Options Program Marketplace, also known as SHOP. If you are a small business owner with less than 25 employees, you may be eligible to receive tax credits when purchasing health coverage for your employees through the Small Business Health Options Program.

Benefits of The Small Business Health Options Program, Include:

You are in control of what coverage you offer your employees and how much you pay toward employee premiums.
Your business’ needs and your employees’ needs can be met by choosing between 4 different levels of coverage.
You can choose to begin coverage at any time. As long as you enroll by the 15^th of the month, coverage will begin on the 1^st of the following month.
As previously mentioned, as a small business with fewer than 25 employees, you may be eligible to receive a tax credit.

Qualifying Terms for The Small Business Health Options Program, Include:

Any business with 50 or less full time employees may be qualified to offer employees coverage through SHOP.
If you are interested in using SHOP, you must offer coverage to every single one of your full time employees.
If you are looking to use SHOP, you may be required to have a large majority your employees enroll in your SHOP plan. This percentage is typically around 70 percent.
You must be within the boundaries of a SHOP service area to utilize the service.

July 28, 2014September 8, 2016

Ongoing Changes in ACA Regulations

Since its establishment, the Affordable Care Act has stirred much controversy and confusion. Both individuals and businesses have experienced a wide range of changes due to this new law. As a business owner, it is crucial that you are in compliance and knowledgeable of the following:

A small business with less than 50 employees working full-time is not required to offer healthcare to their employees.
The number of full-time employees is calculated by the previous year’s number of full-time employees.
While the idea of seasonal employees may make identifying the actual number of full-time employees more challenging, typically, if a seasonal worker is employed for less than 120 days each year, they are not considered a full-time employee.
As a business owner with more than one entity, you will be required to combine the total number of full-time employees from each business to determine the actual number of full-time employees. This will determine if a business owner is required to offer their employees’ healthcare benefits.
The healthcare that is offered to employees must be affordable, providing the minimum level of coverage to both the full time employee and their dependents.
Minimum level coverage is determined by the percentage of total allowed cost of benefits, which must be at least 60 percent.
If you are a small business owner or farmer, there are certain options you must consider. You may be eligible to deduct 100 percent of uncovered medical expenses as a business expense.
In order to avoid any penalties, it is strongly encouraged that you seek the advice of one of the many administrative organizations to make sure you have compiled with all new laws and regulations, including the Treatment Alternatives of Safe Communities (TASC).

Tag: full-time employees

How Will Covered California Affect My Health Insurance?

Ongoing Changes in ACA Regulations

let Bernardini & Donovan find the right plan for you

let Bernardini & Donovan find the right plan for you

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