TAHU: Business Owners Encouraged to Consult Benefit Professionals on 2015 Health Insurance Changes

AUSTIN, Texas, Dec. 17, 2014 /PRNewswire/ -- The second year of the Affordable Care Act (ACA) health insurance open enrollment period is underway from Nov. 15 to Feb. 15. Beginning in 2015, provisions of the new law will affect how large and small employers manage health insurance benefits. The size and type of an employer's workforce are determining factors in identifying the changes that apply to a particular business. Due to the complexities of these new provisions, employers are encouraged to seek assistance from professional health agents as they attempt to assess how the new law will apply to their business.

According to Jacqueline St. Hilaire, president of the Texas Association of Health Underwriters, "Many businesses may not be aware of the changes that are coming for 2015, and the size of a company's workforce will make a difference in how the law applies to each business."

St. Hilaire continued, "Regardless of a workforce size, it is important to figure out how the new 2015 changes will apply to your business model, and it's not an easy transition to understand."

Businesses defined as small employers can choose to offer health insurance, but they are not required to do so and will not face a penalty for failing to provide coverage. However, small businesses are eligible to purchase insurance through a government-operated exchange, known as the Small Business Health Options Program (SHOP), which allows employers to offer health insurance that meets the requirements of the Affordable Care Act individual mandate.

St. Hilaire added, "Small businesses can be particularly vulnerable to market increases in health insurance. Currently, small businesses pay on average 18 percent more than larger businesses for health insurance. With this sizeable difference, it is important that a small business owner considering health insurance for employees look for options to control those costs."

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SOURCE Texas Association of Health Underwriters