As we’re all aware by now, the Affordable Care Act has become a huge topic of discussion across the nation. Now, when the Affordable Care Act is brought up, it’s assumed that the same challenges affect each and every business. But in all reality, healthcare-related requirements for businesses have evolved since the passing of the healthcare reform so businesses are affected differently. Interests and priorities of different-sized businesses are changing as well. But does business size really matter? Below is a brief overview of the trends among different-sized businesses that are becoming known as health reform advances.
Small business– Small businesses are businesses with under 50 or fewer employees. Now, small businesses don’t technically have to provide health insurance to their employees. However, it’s still good to provide it because it will attract potential employees to your workplace. You will be known as a generous employer and people will then flock to your business for employment.
Mid-size business– Mid-sized businesses typically have about 50 to 1,000 employees. If your business is mid-sized there’s no way that you can hide from the health care reform. It’s highly recommended that you don’t try it either. Mid-sized businesses must follow the health care reform due to the number of employees they have or, of course, they’ll face a penalty. Now the penalty might not be so great in the terms of cost, but let’s be honest a penalty is a penalty. Quite honestly, any amount of money loss is highly upsetting don’t you think?
Large business– Large businesses have anywhere between 1,000 employees to hundreds of thousands of employees. There’s no way to sugarcoat it, you’re required to follow the employee mandate. These are businesses such as Wal-Mart, Target, and Office Depot. Businesses that everyone is well aware of. Now imagine how much it would be for these businesses to pay if they don’t follow the requirements for the health care reform. It could cost your business millions of dollars. Just a simple amount of 10 misplaced employees is crucial and can create a large business expense.
Whatever sized business you work for or if you’re a business owner, it’s evident that you must accompany the healthcare reform guidelines. Making you as the business owner and your employees take on new responsibilities and re-think how you both view health insurance. And, it’s highly recommended that you don’t allow yourself to get caught up in the “pay” or “play” mandate. Playing in the mandate could potentially cause your business to lose everything.
Doesn’t everyone deserve equal and affordable healthcare? Why of course they do! So are you looking for other ways to save money, productivity, and talent all at the same time? Contact us today to get help from an experienced staffing agency. We have an amazing Job Search page that makes it easy to both share and find open positions. You can learn more about our staffing services here. We look forward to hearing from you soon!