Affordable Care Act

September 10, 2015

Assuming Your Small Business is Free From Affordable Care Act Requirements? Think Again!

Let’s say you own a business with over 50, but under 100 employees, and you offer an affordable group health insurance plan. You’re clear from any responsibilities under the Affordable Care Act, right? Think again. Starting January 1, 2016, you will be subject to the same reporting requirements employers of over 100 people are currently managing. What do the ACA reporting requirements mean for your business? With the adoption of the ACA came additional paperwork that is tied to payroll […]
August 19, 2015

Healthcare Deadlines Important to Your Business & Family Are Approaching

Healthcare-related deadlines important to your business and your family are approaching: Mid-September: Group health insurance renewal letters will be sent out to businesses in mid-September. We are expecting an average rate increase of 15% this year, so do not wait until then to prepare. The WIFS Team can help you strategize on the best course of action to manage your increased costs. We have options for you. October 15-December 7: Medicare open enrollment affords policy holders the opportunity to make […]
July 29, 2015

BAGI Member Sessions: The Affordable Care Act and Your Business

The Affordable Care Act has changed the health insurance and human resources landscape. As a business owner, what can you do to stay ahead of it? Join your fellow BAGI members as Scott Wharton of Wharton Insurance & Financial Services presents valuable information on the changes your business faces within group health insurance. Thursday, August 6th 9-10:30am or 2-3:30pm BAGI Offices 1011 Dr. Martin Luther King Jr. St. Indianapolis, IN 46202 Topics Will Include: Expected changes to the 2016 BAGI/IBA […]
July 7, 2015

What the U.S. Supreme Court’s ACA Decision Means for Your Business

The highly anticipated U.S. Supreme Court decision on the Affordable Care Act created certainty around the law. The issue under question was one of financing, regarding the 36 states that have opted to forgo setting up their own state health insurance exchanges and using the federal exchanges. The ruling clarifies that the residents of those states are entitled to take advantage of the available premium tax credit if they qualify. The subsidy structure already in place was affirmed, therefore the […]
February 18, 2015

Managing the New Affordable Care Act Employer Reporting Requirements

As of January 1st, 2015, businesses with 100+ full-time employees must be in compliance with the Affordable Care Act mandate to provide affordable employee health benefits or be subject to penalties. (Click here to read our blog post about what this change means for your business.) Along with the benefits mandate came a whole new layer of employer reporting requirements. The costs of non-compliance are now stiff, making it worthwhile to find a viable option to fulfill your obligations under […]
January 16, 2015

Health Insurance Status Reflected on 2014 Tax Forms

Your 2014 tax form is going to look at little different this year. The penalties for not having health care coverage set under the Patient Protection and Affordable Care Act (PPACA), or Obamacare, have kicked in. On line 61 of Form 1040 will ask you if you had health insurance coverage in 2014. If you did not, you may be subject to a penalty. 2014 Penalty structure: Individuals: $95 per person or 1% of household income, which ever is greater, […]
January 14, 2015

1/1/15: Big Penalties Kick in for Employers Ignoring The Affordable Care Act

After years of delays, the Affordable Care Act’s employer mandate to provide employee affordable health care coverage has kicked in. As of January 1, 2015, employers with 100+ full time* employees must be in compliance or they will be subject to penalties. For organizations with 50+ employees, these penalties will apply in 2016. So what do the mandates mean to you? If you have been postponing complying with the ACA, now is the time. The Kaiser Family Foundation has put […]
October 22, 2014

Facing a Large Rate Increase on Your Employee Health Insurance Plan?

The WIFS Team has been preparing for the release of group health insurance policy renewals rates over the past year. Since the passage of the Affordable Care Act, we have gained a lot of experience guiding our clients through the changing employee benefits landscape. Our clients look to us for expertise in managing the challenges presented by large rate increases. It is during these times of upheaval that they are fortunate to have an experienced insurance broker on their side. […]
October 8, 2014

Avoid the Suck: Why Are YOU Spending Time on Employee Health Benefits?

Most likely you chose to be in your business because you are an expert at what you do. Your customers value that expertise, and spending your time building on that value is what allows your business to grow. So why spend your valuable time figuring out the ever-changing world of employee health benefits? Save time and money by bringing in experts like us to guide you and your employees through the entire process. Why use an employee benefits expert? Knowledge: […]
October 3, 2014

Do You Know Your Health Insurance Deadlines?

If you are a business owner, eligible for Medicare, medically uninsured, or want to change your individual coverage, there are some deadlines approaching that you need to know about: Business Owners: If you offer Group Health Insurance for 2-50 employees, most policy renewals are due December 1st. Eligible for Medicare: The Medicare Annual Enrollment period is October 15th through December 7th.  Changes applied for will be effective January 1, 2015. Medically Uninsured or Looking to Change Your Insurance Plan: The […]
August 22, 2014

Infograph: American’s Views on Health Insurance & Employment

According to results from Gallup’s July 7-10 2014 Consumption Habits survey, fewer Americans support instituting higher health insurance rates based on an individual’s lifestyle habits than they did in 2003. While the majority still support this type of rate structure, the percentage has decreased. However, when it comes to hiring discrimination, the majority of Americans do not support allowing companies to make employment decisions based on an individual’s smoking habits or weight. The Affordable Care Act allows for higher premiums […]
August 12, 2014

Providing Health Insurance Benefits to 2-50 Employees? A Deadline is Approaching!

If you have a business that offers group health benefits to 2-50 full-time employees, an important date is arriving soon. On September 1, health insurance providers will be releasing prices for December 1, 2014 policy renewals. Anthem, one of the major group benefits carrier in Indiana, expects rates to increase by 13.5%. Last year increases came in lower than expected at only 5-7%. Once we receive the renewal documents, the WIFS Team will be reaching out to our clients with […]
August 6, 2014

The Economy is Growing. Can Your Company Afford to Grow With It?

Last week, Bloomberg reported that U.S. employment numbers went up 218,000 in July, with small and medium-sized companies doing the bulk of the hiring. Consumer confidence is also on the rise, boosting household spending and business revenues. As small companies see the benefits of the growing economy in their sales reports, keeping up with customer needs by hiring more people is not so straight forward anymore. Increasing employee numbers can affect greatly a company’s requirements under the Affordable Care Act. […]
July 30, 2014

The Affordable Care Act: What it Means for Your Business

The Affordable Care Act has changed the landscape for both individual and group health insurance. Most Americans have coverage under an employer group program, and would like it to continue that way. Employers are wondering if they can afford to comply with the new law. What does the passage of the ACA really mean for your business and your employees? In a nutshell, adhering to the law means getting comfortable with change. As the recent conflicting court rulings demonstrate, the […]
July 25, 2014

Conflicting Decisions by Appeals Courts Clouds Health Insurance Landscape

On Tuesday two federal appeals courts handed down conflicting rulings on aspects of the Affordable Care Act, adding further complexity to the health insurance landscape. The rulings were in regard to the subsidies offered by the federal health insurance exchange. As Indiana does not offer a state health insurance exchange, Hoosiers are subject to the implications of these rulings, which for now are unknown. Click here to read more about the rulings from the Wall Street Journal. If you have […]