A Brief Guide to Employee Health Insurance for Employers

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A Brief Guide to Employee Health Insurance for
Employers
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• If youre an employer searching for hot new
  talent for your company, youll likely already
  know that many candidates will be looking for an
  employer that offers them benefits such as health
  insurance. While you may not have to provide it
  by law (if you have fewer than 50 employees),
  offering health insurance to employees is a great
  way to boost both engagement and morale, and
  encourage them to be loyal to your company.
• However, there are certain compliance issues
  surrounding health insurance coverage, and while
  a payroll and HR provider can certainly enlighten
  you on them and keep you on the right side of the
  law, it can be helpful to understand your choices
  and the laws that apply to them

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• 5 essential health insurance requirements
• 1. If you have less than 50 full-time employees,
  you dont have to provide health insurance
• 2. If you employ more than 50, you may be subject
  to shared responsibility provisions, and make a
  payment to the IRS if one or more employees
  receives a premium tax credit for purchasing
  individual coverage on the Health Insurance
  Marketplace
• 3. As an employer, you must provide employees
  with a summary of benefits and coverage that
  explains the coverage and cost

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• 4. You must report coverage costs of an
  employer-sponsored group health insurance plan on
  W-2s
• 5. Health insurance, if provided, must be offered
  to all eligible employees
• Below are some of your health insurance options
  for 2022 as a small business employer

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• QSEHRA - an acronym for Qualified Small Employer
  Health Reimbursement Arrangement, and pronounced
  Q-Sara, is a new benefits option benefitting
  small businesses. It allows small business owners
  to set aside a sum of money each money that is to
  be dedicated to employee premiums and medical
  expenses. The program makes employees responsible
  for paying their own medical bills or insurance
  premiums, with their employer later reimbursing
  them with pre-tax dollars.

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• ICHRA standing forIndividual Coverage Health
  Reimbursement Arrangement, this enables
  employers to provide a monthly tax-free allowance
  for individual health coverage expenses.
  Employees can then shop around for insurance
  outside of an employers group health plan or on
  occasions when an employer doesnt offer it at
  all.
• Traditional Group Health Insurance if youre
  already a small business employer, youll
  probably be familiar with this coverage, in which
  businesses work with an insurance company, or use
  a broker to purchase group health plan coverage
  for their employees.

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• Group Coverage HRA HRAs are employer-funded
  medical expense reimbursement plans, and they
  allow businesses to reimburse their employees
  tax-free for eligible out-of-pocket expenses and
  health insurance premiums. In many instances,
  this plan is coupled with a high-deductible
  health plan, or HDHP.
• Association Health Plan another new plan, this
  allowsa number of small businesses to combine
  their purchasing power to buy large group
  coverage.

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• Important rule changes to look out for in 2022
• Even if your business currently employs less than
  50 people, should it expand in the future, this
  change to health plan cost-sharing limits could
  affect you. Employer-sponsored health coverage is
  now not permitted to exceed 9.61 of an
  employees income, in order to satisfy ACA
  affordability requirements for 2022.
• Laws surrounding health insurance
• There will always be laws concerning healthcare
  insurance packages, and its important that as an
  employer, you either make yourself familiar with
  the ones relevant to you from both a federal and
  state perspective, or you work with a
  professional company who can guide you.

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• Ultimately, working with a payroll service
  provider can ensure that you understand the ins
  and outs of health insurance, and enable you to
  provide it to your employees within the confines
  of the law.
• Apollo Payroll is dedicated to delivering expert
  advice, responsive service, and highly accurate
  payroll processing and reporting to ensure the
  success and growth of the business that we serve.
  Our services include comprehensive payroll
  services in Homestead and other cities in
  Miami-Dade County, employee background check and
  group health insurance in Miami Coral Gables