How To Make Sure You’re In Compliance With Current Health Insurance Laws

Here’s a question that will get any small business owner thinking, how compliant is your business when it comes to health insurance? Are you sure you have fulfilled all of the requirements for local, state, and federal laws?

Health insurance is one of those areas where you must be sure you have met all of your obligations. The penalties are far reaching and costly if you have not complied with all requirements. The problem is it’s becoming increasingly difficult to keep up with ever-changing health insurance laws.

The Basics
The Affordable Care Act requires businesses with more than 50 full-time employees to provide health insurance coverage to their employees.If you have less than 50 employees, then the responsibility lies with the individual employee to get health insurance on their own.

A full-time employee is somebody who works 25 or more hours per week for your company. They have to be an employee; you are not required to provide insurance for independent contractors.

If you do have to provide health coverage, you have protections and rights that ensure you will be able to find a company to provide coverage.

To get more information about further federal regulations and protections, you can look at sites like healthcare.gov for general information about federal requirements. Or, you can refer to the tax implications at the IRS website.

But, what about the state and local laws, the hidden regulations that don’t get much attention in the press?

The Shifting Sands Of Legislation
The thing is, constant changes are occurring at both the state and local levels with insurance requirements. In the midst of all of the work needed to keep a company running, what is the best way to know about and stay compliant with new regulations?

Contracting with a firm that specializes in business insurance is the best way for you to keep up with the necessary regulations. Commercial insurance companies have to stay on top of the industry so they can ensure their clients are compliant.

At Flagler Financial we deal everyday with healthcare laws, and we make sure our client’s health plans meet all requirements.

We also know that healthy and happy employees are critical to a company’s success, so we aggressively seek out and negotiate the best rates for group health insurance.

If you are concerned about your company health plan, or considering a change in your health provider, give us a call and schedule a consultation. We are a premier provider of commercial insurance in Central Florida, and we have options and services that will cover any company’s insurance needs.