Key Changes for NY Businesses with 50 -100 Employees
Key Changes for NY Business with 50 – 100 Employees
A new law was enacted at the beginning of 2016 that mandated employers with between 50 and 100 full-time workers have to abide by new business health insurance plans. In the past, small business health insurance was different between companies with less than 50 employees and businesses with more than 50. Talk to your health insurance broker to get more information about what you need to do.
How Do Benefits Change?
Businesses with 50 to 100 employees will lose the option to self-fund their health plan. Now, all full-time employees of companies with 50 or more employees must be offered health coverage under the law, and dependents aged 26 or younger must also be covered.
How Do Premiums Change?
Your premium may change depending on the exact demographics of your workforce. For instance, a business with relatively young employees may see an increase in its premium. Business with older employees may see the premium go down.
What Options Are Available?
From this point forward, businesses with at least 50 but fewer than 100 employees will need to get a small business health insurance plan that falls within the Affordable Care Act’s tier system. That means they can get a bronze, silver, gold or platinum tier. This is similar to what businesses with fewer than 50 employees have had to do.
If you have 50-100 employees, you will have to change your business health insurance plan accordingly and you will also have to comply with additional requirements such as the 1094/1095-C filing. If you require guidance in this field, one of our health insurance brokers is available to lend assistance.