As a small busi­ness own­er, it’s crit­i­cal you pro­vide your employ­ees with com­pre­hen­sive employ­ee ben­e­fits such as health insur­ance options. But many small busi­ness own­ers have a lim­it­ed under­stand­ing of their insur­ance require­ments, and so with­in this lat­est post, we’ll pro­vide our guide to employ­ee ben­e­fits and health insur­ance in Marin County.

Dis­abil­i­ty insurance

Some states require you to pro­vide dis­abil­i­ty insur­ance to your employ­ees. Make sure you review the require­ments in your state when build­ing your health insur­ance pro­gram. This can help ensure you’re meet­ing your legal obligations.

New employ­ees must be offered health insur­ance with­in 90 days

If you offer health insur­ance as part of your employ­ee ben­e­fits to your Marin Coun­ty employ­ees, they must be informed of their health insur­ance options with­in 90 days of their start date.

Num­ber of FTEs deter­mines health insur­ance obligations

The ACA sets out the pol­i­cy for deter­min­ing the health insur­ance oblig­a­tions as it relates to the num­ber of staff work­ing at the com­pa­ny in either a full-time or part-time capac­i­ty. Your business’s FTE (Full-Time Equiv­a­lent) num­ber deter­mines your oblig­a­tions. To cal­cu­late your FTE, begin with the total num­ber of full-time employ­ees. Then divide the num­ber of hours worked by your part-time employ­ees by 30 and com­bine the two num­bers. This gives you your full-time equiv­a­lent num­ber. Small busi­ness­es with an FTE below 50 do not face penal­ties for not offer­ing health insur­ance. How­ev­er, com­pa­nies with an FTE above 50 must offer health insur­ance or face ACA fines.

Our team at Arrow Ben­e­fits Group can help guide you regard­ing the employ­ee ben­e­fits and health insur­ance ser­vices pro­vid­ed in Marin Coun­ty. To learn more, call us today.