September 8, 2016
As many small business owners and HR personnel are gearing up to evaluate their employee benefits, they may notice a much different landscape than what existed just a few years ago.
When the Affordable Care Act first rolled out, businesses with 50 employees or less were told they were exempt from the penalty imposed on firms who did not offer a group medical plan. Many firms saw this as long-awaited relief to constantly rising rates. Taking comfort in the fact employees would have coverage available through the healthcare exchanges, some companies began to drop their coverage. Often, this was coupled with a pay raise intended to assure employees the firm was still invested in their health care.