What are the benefits for small businesses in enrolling employees through the Market-place? What is the...

What are the benefits for small businesses in enrolling employees through the Market-place? What is the penalty for small businesses who don't provide health insurance for employees?

Expert Solution

Health insurance market-place is a service where the small businesses can shop and enroll for health insurance for their employees. Some states have their own marketplace while some insurance can also be enrolled through government websites.

There are many plans for providing insurance like individual or the group plan-

Benefits for the business of providing group plan health insurance to employees:-

1) Group health insurance is cheaper than the individual. Most of the small business provides group health insurance.

2) It can motivate the employee to work more efficiently.

3) It increases the chances of the employee to continue working for the comapany.

The best marketplace for the small businesses which i am going to discuss today is the-

Small business health insurance program marketplace helps businessmen in providing health insurance to its employees.

What are the benefits that small businesses can avail by enrolling employees through this marketplace?

Small businesses can enroll anytime in a small business health insurance program.
Small businesses can receive assistance that covers up to 60% cost if the business meets basic needs like paying for 50% for the employees tax premium, and have an average employee salary of $50,000.
If a business is already an ACA compliant, he can receive more benefits from this marketplace.

What if small businesses don't provide health insurance for employees?

According to BLS; Bearue of labour statistics, large employees or businesses provide health insurance to its employees.

On the other hand, larger companies may have faced fines for not providing the insurance but it is not compulsory for the small business to provide health insurance to their employees.

According to affordable care act (ACA) or health care law the following organisations or the businesses to provide information if they are offering insurance to their employees-

With 50 or more employees working full time.
Health insurance companies.
Self-insuring company.

Under the ACA, small businesses don't need to offer health insurance to their employees. Hence there is no penalty for the small businesses who does not provide health insurance to its employees.

Rahul Sunny answered 2 years ago

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