Employees can enroll in health coverage during open-enrollment, or in the event of a major life event such as being hired, fired, getting divorced, married, or when they have any other qualifying life event.
ACA Compliance refers to the Affordable Care Act, which states that employers must offer benefit policies for small groups and individuals that cover ten essential health benefits without lifetime coverage maximums. This allows employees to have a base level of coverage at a reasonable cost.
Medical insurance, Life insurance, 401K and Retirement plans, and Fringe benefits are among the voluntary benefits employers can offer. In most states, there are mandatory benefits including Workers’ compensation insurance, Social Security and Medicare contributions, Unemployment insurance, and, for ALE’s, medical leave.
Employee benefits range in price based on what benefits your company offers. A typical range is anywhere from $350–$700 for an individual. Employee benefits programs are not one size fits all and there are a wide variety of offerings that can help you keep your best people while still being affordable.
Employers are not required to offer benefits if they have a business with fewer than 50 employees. However, offering a benefits package greatly increases the attraction and retention of talent. For qualified ALEs with 50 or more employees, the Affordable Care Act requires that they offer benefits to employees who work 40hrs a week or more.
Health Benefits vary widely as do options like 401K and HSAs. As you consider what benefits to offer your employees, think about their lifestyle, their needs, and what will bring the most value to them. The right benefits package can help attract and retain the A-Players for your business.
The Affordable Care Act requires employers with 50 or more employees to provide benefits that meet minimum essential coverage requirements. Qualified ALEs who do not comply face significant fines and penalties as a result. Additionally, offering competitive benefits to employees supports your company’s ability to attract and retain talent.
