5 Reasons Businesses Should be Excited About The Affordable Care Act

It’s no secret than many businesses are less than enthused about having to comply with the Affordable Care Act mandate set forth by President Obama. Most businesses have come to detest the very mention of Obamacare, mainly because of compliance headaches and the fear that it will cost them a lot more money because of rising insurance costs, taxes, and fines.

The White House, on the other hand, has a different opinion on how small businesses should view this new mandate. They believe that you, as an employer, should love the Affordable Care Act, not loathe it. Here are five reasons why.

Reasons to Love Obamacare By Government Standards

• It Levels the Playing Field- Did you know that larger firms tend to pay 18% less for their health insurance than small businesses? This is because small businesses don’t have the same kind of purchasing power that big companies do, and the marketplace, in the past, has favored money and power above all. With the introduction of SHOP, or the Small Business Health Insurance Option, this has completely changed. Now small businesses have the same opportunities that larger companies do- and at the same competitive prices.
• It Lessens Administrative Load- SHOP not only offers competitive prices, but it makes it easier for administrations to shop, compare and purchase health insurance coverage. The information provided can help reduce the amount of hours and money spent trying to provide the best group health plan to employees.
• It’s More Affordable- While most small businesses think that purchasing health insurance through SHOP will be more expensive, tax credits offered by the government can actually reduce the cost of coverage by up to 35% this year. In 2014, tax credits will be available to alleviate up to 50% of the cost. It’s important to know, however, that these credits are only available to small businesses with less than 25 employees who meet full time equivalent status. The fewer workers a company has, the more tax credits will be available to them.
• It Provides Better Insurance for High Risk Workers- In the past, finding affordable insurance for workers considered to be high risk was extremely costly. SHOP has remedied this problem by pooling high risk employees with those considered to be low risk. This pooling allows SHOP to find the best insurance and the lowest premiums for the combined population.
• Healthier Workforces- A healthier workplace is one that doesn’t cost as much to run, and the Affordable Care Act takes that into consideration. Along with offering health insurance, Obamacare allows companies the opportunity to provide wellness programs. If employees utilize these wellness programs, up to 30% of the employees premium will be reduced as an incentive. If they do not, the same amount can be penalized and added to their premium.

Think Obamacare is something to be feared? For small businesses, the risks can be costly, but there are also many benefits that only small businesses can take advantage of- benefits that might just make you fall in love with the Affordable Care Act.

Obtaining Obamacare Benefits With Sarasota Jobs

Are you looking for knowledgeable, experienced, and capable employees for your small business so you can obtain the tax credits offered through the Affordable Care Act or take advantage of Obamacare benefits? Whether you need temporary or permanent staff, count on HH Staffing Service to help. Our professional staffing service can provide you with the employees you need for Ft. Lauderdale, Sarasota, Orlando, or Tampa Bay jobs. Give our Sarasota office a call today 941-751-6262