With our health care system still in chaos, a lot of people are worried about what will happen to their coverage – including small business owners and entrepreneurs. Well, if you’re one of these people, you may find some valuable insight on what various SMB owners are currently doing for health care. Take a look at our infographic to see what small business owners are doing in terms of their health coverage.
With the year 2018 gradually getting closer, the IRS decided to set new limits for next year’s health savings accounts (HSAs). Although they may not be drastic changes, some of these new limits may still influence your finances. See what changes will be made in our new infographic:
With higher premiums and insurance carriers leaving the ACA exchange, some people are frustrated with their health care costs. The volatile insurance market has greatly affected businesses that offer benefits and those that planned on offering employee benefits. Large corporations may be able to cope with the changing health care rates, but many small business owners and entrepreneurs are suffering from them.
For that reason, we wanted to share the different plans that small to mid-sized businesses can utilize to cut their health care costs. Hence, we analyzed the three common health plans that businesses use to offer employee benefits: the fully insured (fully-funded) health plan, the self-insured (self-funded) health plan, and the level funded health plan.
With the open enrollment deadline quickly approaching, we thought you’d appreciate a breakdown on the pros and cons of a health savings account (HSA) and a flexible spending account (FSA). These accounts can be provided by your employer, so you have money to spend on your medical expenses. Although they may have similarities, you want to choose the account that’ll save you the most on your healthcare costs.
So let’s start off by breaking down the HSA and FSA, to better understand them. That way, you’ll be able to comprehend the differences between them to help you choose the right fund for you. Continue reading
The Affordable Care Act is a controversial topic due to the massive amount of people who support and oppose the bill. The ACA has its pros and cons, but let’s narrow down its effects on a certain demographic: small business owners. The law has helped and hurt small businesses around the country; however, you’ll probably hear more complaints and criticisms about the ACA among them.
Health insurance rates are skyrocketing in various parts of our nation, and some places won’t even be able to find coverage due to the lack of insurers in the ACA exchange. Health care has become a trending and controversial topic, and consumers are starting to worry about being able to obtain coverage for the next year. It also doesn’t help that the ACA is pressuring everyone to acquire health insurance due to its monetary penalties.
Well, due to increased health care expenses, business owners are starting to reduce their benefits plan or even get rid of it altogether just to save money. Then, it creates a conflict of interest between the employee and employer because employee benefits is a major component in acquiring and retaining top talent.
But what if I told you there was a way for the employer to save money and support employee wellness?