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Hoosier Ombuddy – Health insurance options for your small business

Aug 31st, 2015

Health Insurance for your small business – a topic I’m sure that keeps entrepreneurs up at night. Do I have to offer my employees coverage? How much is it going to cost? What is best for my small business? As overwhelming it can be, there are many options for health care and your small business. Below are just a few.

The Patient Protection and Affordable Care Act (Affordable Care Act or ACA) enacted comprehensive health insurance reforms designed to ensure Americans have access to quality, affordable health insurance. Learn what the law means for small businesses and self-employed business owners. The Small Business Administration, the Department of Health Human and Services, and Small Business Majority have teamed up for a free webinar series where small business employers can learn the basics of the Affordable Care Act and what it means for their organization. You can view an audio recording of the webinar here.

If you’re an Indiana small business, you can take advantage of the new Healthy Indiana Plan (HIP 2.0). Whether your business is small, large or mid-sized, interested employers can apply here to become a HIP Link employer.  Small group, large group, and self-funded health plans are all accepted to participate in HIP Link as long as they meet both program benefit and affordability requirements. HIP Link may help employers increase employee retention and expand their employee base.

In addition, enrolling more employees into the health plan may help employers meet health plan participation requirements. To learn more about the benefits of becoming a HIP Link employer and requirements of the program, visit our Employer Frequently Asked Questions section on our website or contact 1-800-457-4584 for more information.

There are local programs that small businesses can utilize like TogetHR. This Indy Chamber initiative bundles comprehensive HR services with a full suite of employee benefits. The program, available to Chamber members, will give a 15-percent discount on the fees required to join a professional employer organization (PEO).

Federal law gives a tax credit to eligible small employers who provide health care coverage to their employees. To find out if your business is eligible for the tax credit and how it can make a difference, visit the Internal Revenue Service.

These are just a few resources that I found available for health insurance for small businesses.

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