Struggling to Understand Obamacare? We have the answers!
When businesses and families learned that the Affordable Care Act, or Obamacare, was becoming a reality, there were a lot of questions they needed to have answered. Most businesses and individuals need help navigating the confusing insurance industry, which is why a licensed broker can help.
Business owners don’t understand the requirements they face when deciding what insurance to offer their employees, and what the penalties are for not providing adequate options. Families worry about the expensive penalties they face if they are not properly insured. Insurance agents, like our agency in Tampa, understand the requirements and penalties, and will work with businesses and individuals to select the best options available to them.
If a business meets the requirements to offer insurance to their employees, but fail to do so, they can be fined thousands of dollars, based on the number of full time employees they have, multiplied by 1/12 of $2000. It’s shown that businesses who offer adequate and affordable insurance options to their employees, costing the employee no more than 9.5% of their annual family income, are about to retain better talent within their companies. Licensed insurance agents can help businesses navigate the vast insurance options and select the best and more affordable insurance for their employees.
If a family that does not receive insurance coverage from their employer does not opt in to purchase their own insurance, there can be expensive penalties. Individuals and families that are uninsured will have to pay the higher of two options: 2% of your total annual household income, or $325 per person ($162.50 per child). That may seem expensive enough, but the health costs associated with emergencies on top of penalties can burden a family even more.
If you or your business doesn’t understand the Obamacare laws, penalties, and requirements, contact McKnight & McKnight Insurance in Tampa. You may qualify for a Special Enrollment Period if you’ve had a qualifying event, like marriage, having a baby, or losing previous coverage. Call 866-525-0368 if you have any questions or need help with Obamacare coverage.