Small businesses are faced with their biggest challenge ever regarding their health insurance. Thousands of small business owners must comply with requirements of the health care law for the first time. Most don’t even know where to begin.
Companies with 50-99 full-time employees must offer affordable insurance to employees and their dependents starting Jan. 1, 2016. They must also file tax forms with the government by Jan. 31 detailing the cost of their coverage and the names and Social Security numbers of employees and their dependents. While companies of all sizes are subject to the law must file the forms, smaller businesses without big staffs to handle the paperwork may have to hire someone to do it — at a cost of hundreds or thousands of dollars.
Many small business owners will be taken by surprise by the new requirements. Knowing that its time for your health insurance renewal, is your business prepared for what is ahead?
NARFA Is Here To Help:
- What forms to fill out and when: The NARFA administrative team will provide you with notices and forms to keep you informed and fully compliant.
- Administration: We provide full administrative support from enrollment, new additions / deletions, full COBRA administration, and much more to take the burden off your team.
- Compliance: We have a strong pulse on all legislative updates. When it becomes the law, NARFA members remain ahead of the curve and are fully prepared.
- Health Insurance Plans: ALL NARFA health insurance plans are fully compliant with Affordable Care Act Guidelines. You’ll be presented with the best options, network, access, and pricing with the most highly recognized national carrier on our private health insurance exchange.
The new tax forms require employers to gather information on employees’ pay and health coverage, as well as the number of months workers and their dependents were covered. For many small businesses, that information must come from more than one source — payroll companies and health brokers or insurers. They must then make calculations to determine whether their coverage was affordable according to the health care law. If they make a mistake in their math, they can face penalties from the IRS. Companies that try to do the work themselves will find it labor-intensive, and very costly.
NARFA is here to serve our members’ needs during difficult times such as these for businesses. Small businesses could spend $20,000 or more in administrative expenses per year to perform all the tasks necessary for the IRS starting in 2016. We realize this, and we’ve got the back office to support your team so you can focus on growing and operating your businesses.
Please contact us to learn more about our programs and how you can avoid paying penalties for being non-compliant because of all of the IRS paperwork.