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For decades, companies large and small have offered group health insurance to their employees. Not only does a good health plan help a company attract and retain quality employees, it can create a healthier, more productive workforce.

The amount an employer spends on group health insurance is, of course, tax deductible as a business expense. Additionally, any amount an employee pays for health insurance and other benefits through a section 125 Premium Only Plan lowers the employee’s taxable income and, thus, lowers the employer’s payroll taxes.

Employees do appreciate the benefits their companies offer, especially the group health plan, and benefit not only from the employer contribution to premium but also from the company’s buying power—employees and their family members often end up with a better plan for a lower price than they could obtain in the individual market.

For all these reasons, most employers have tried to hang on to their group health plans even as premiums increase on an annual basis. The Affordable Care Act, which was signed into law back in 2010, has certainly had an impact on those premiums, but it affects employer plans in many other ways. Large employers, for instance, are now required to offer coverage to full-time employees or face a big tax penalty. With the employer mandate requirement, the definition of “full-time employee” has changed as well to include all employees working 30 hours per week or more. There are also new compliance and reporting requirements that are confusing and frustrating to employers.

In short, there are a lot of great reasons for a company to offer health insurance to its employees, but it’s also a lot more costly and time-consuming than it used to be. That’s why employers need a great benefits advisor that can help them find the right plan or plans for their employees while making sure they’re complying with all of the new laws.

At JME Insurance Agency, we’re employee benefits experts. Our experiences agents can help your company not only with your group health plan but with all of your employee benefits needs. Contact us today to learn more.

Frequently Asked Questions About Health Reform

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Health Reform Updates

Small employers can keep transitional plans for a few more months

On February 29, the Centers for Medicare and Medicaid Services (CMS) announced that it was extending the timeframe for “grandmothered”…

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IRS delays reporting deadlines for applicable large employers

Earlier today, the Internal Revenue Service (IRS) announced that it would give self-insured and applicable large employers additional time to comply…

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Cadillac tax postponed by two years

A few days ago, President Obama signed legislation delaying the Affordable Care Act’s “Cadillac tax” for two years. The tax…

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JME Webinar: Time to Get Ready for Open Enrollment

Thank you to everyone who attended the "Time to Get Ready for Open Enrollment" webinar October 20th--we hope you found…

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