No one can deny that the Affordable Care Act has sparked national debate over the nation's health care system. The success of this new law remains to be seen, and the debate will continue. Critics of the Affordable Care Act fear that it means the end of employer-sponsored health insurance.
These critics cited companies like Home Depot and Trader Joe's who will no longer offer part-time employees with health insurance benefits. Consider that if a company doesn't offer any type of health insurance to its employees, then by all rights, the executives and business owners aren't covered under a company either. The cost of a group plan is always going to be cheaper than an individual one.
Mandate for Businesses
Beginning in 2015, employers must comply with the requirements of the Patient Protection and Affordable Care Act. The simplest and most beneficial thing for employers is to offer employer-sponsored health insurance coverage. If businesses don't cover their employees, they'll have to pay a penalty if employees premium tax credits to buy their own coverage through state exchanges.
Attract and Keep Most Qualified Employees
Health care is something people need. People who look for jobs are drawn to companies that offer benefits, especially in the form of health insurance. Since it's so important to an employee's financial, physical and mental health, employers that DO offer health insurance benefits will attract better, more qualified, loyal and committed employees than their competitors.
Employer vs. Employee Benefits
Ellen O'Brien of Georgetown University wrote an essay for the Millbank Quarterly in 2003 suggested that employees would accept a smaller salary in return for employer-sponsored health insurance. Health insurance gives people a safety net, the assurance that hopefully, should anything happen, they'd be protected enough to avoid financial ruin. That security gives employees real motivation to stay with a company.
Small Businesses are eligible the or Small Business Health Care Tax Credit , something that should give small businesses with 25 or fewer employees, an incentive to cover their employees. . There are other ways small businesses can offer health insurance to their employees like the Small Business Health Options Program (SHOP).
Even setting up a group pool for your business to allow your employees (and don't forget yourself and your family,) to buy health insurance at cheaper group rates.
Healthy employees are happier and more productive. Companies that spend the money to offer employees a health insurance benefits package – regardless of the form it takes, will get more work out of their workers over the long term than they would from employees who didn't get benefits.
Besides keeping employees healthy, companies that extend coverage to families still benefit from increased productivity because workers are less likely to take time off for family illnesses.
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