The Affordable Care Act (ACA) can benefit your small business in several ways; you just have to know how to comply with the requirements. But when you’re a small business owner, you don’t always have the time to sit and read through pages and pages of regulations. That’s where a professional employer organization can help.
At NetPEO, we have a large network of PEOs that do have the time to read the rules and inform you and your employees. A PEO can help ensure that you comply with ACA reporting so that you don’t have to worry about being penalized. The PEOs we can match you with can help in a variety of other ways, and we can give you a free quote today.
What Is the Affordable Care Act?
The Affordable Care Act is a health care law that was passed in 2010 by former President Barack Obama. The law is most often referred to as Obamacare, or the abbreviation ACA. The purpose of the Affordable Care Act is to make healthcare more affordable to a larger portion of the population.
The reform law does this by providing households that have incomes in the 100% to 400% range of the federal poverty level with premium tax credits. These tax credits can help you lower your monthly insurance bill and make it easier to get healthcare.
Another goal of Obamacare is to invest in new medical care delivery that will result in a decrease in the cost of healthcare overall. The main mission of ACA is to help people who don’t have health insurance get access to it at an affordable cost.
What to Know About the Affordable Care Act and Small Businesses
As a small business owner, you want to help your hardworking employees get access to affordable healthcare, but also in a way that won’t overwhelm you financially. But when it comes to small businesses and the Affordable Care Act, there are a few requirements that you’ll need to adhere to in order to ensure that your employees benefit.
One of the most important requirements of Obamacare is that you must provide your employees with a “Summary of Benefits and Coverage” form to educate them about what their healthcare covers and how much they will have to pay. This is essential for your employees to know, and if you don’t provide the correct information, you could be penalized for non-compliance.
Another requirement of the ACA is reporting information about the healthcare coverage that you provide to your employees. If your small business has 50 or more full-time employees, the IRS requires that you report the insurance that you provide to your employees.
If you fail to do this, you could incur a fine that can make it difficult for your business to function properly.
How a PEO Can Help Your Business With Affordable Care Act Requirements
Being the owner of a small business is hard work, and you don’t always have time to keep up with the latest healthcare changes. This is where a professional employer organization can help. A PEO can keep you and your employees informed of new changes to benefits or requirements of the Affordable Care Act.
A PEO can save you from being penalized for non-compliance and losing money that could have gone toward your business. Whether it be researching or compiling new requirements or making the changes easily available to employees, a PEO company can help.
A professional employer organization can also help you save money. Obamacare has incentives that encourage employers to implement wellness programs for their employees. By providing wellness programs such as a fitness center, you may receive reimbursement or a reduction in the cost of your healthcare for your employees.
An added benefit of a wellness program is that your employees will be healthier, which will lead to more success. A PEO in our network can help you identify programs that will benefit your employees as well as qualify for reimbursement. While you’re running your business, a PEO can search for eligible programs that will help you and your employees.
Why You Should Choose Our Team to Help You Find a Professional Employer Organization
NetPEO offers brokerage services, and we can help you find the perfect professional employer organization that helps your business succeed. There are hundreds of other PEO brokers, but we stand out from the competition with our experience. We have worked with small businesses across several industries and have successfully found a PEO that works right for them.
We are also passionate about the work we do, and we sincerely care about the success of your business. That’s why before we start the search for a PEO, we get to know you and your business on a personal level. Then, we’ll match you with a qualified PEO that you and your employees can trust.
Compared to other PEO brokerage services, we have the most qualified professional employer organizations. They have years of experience and truly want to make a difference in how you do business – while still allowing you to maintain control over your business. So, if you’re ready to find the PEO right for you, our team can give you a free quote for our services.
Contact Our Team to Find the PEO for Your Small Business Today
If you’re a small business owner and you need an HR department without high costs, one of our PEOs can help you adhere to the Affordable Care Act’s requirements. At NetPEO, we want you to succeed without having to stress about mundane tasks.
To get a free quote for our services, call us or fill out the contact form on our website.