President Barack Obama signed a law halting the change in the definition of small business. The number of employees that constitute a small business was scheduled to increase from “up to 50 employees” to “up to 100 employees” on January 1, 2016. This would have resulted in numerous premium hikes for many small businesses.
Under the Affordable Care Act, small businesses are required to offer certain health insurance benefits.
The new changes keep the definition at “up to 50 employees” for small business consideration, but will allow the states to increase the number at their discretion.
This creates a great opportunity to review your business’ group health insurance coverage to see what plans will be available to your company in 2016. More choices may be available to you now with these changes.
Call us today to review your group coverage and see how we can save you money! We do not charge any fees to review your coverage!
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Source Article: ABC News