Many small business owners are left scratching their head as healthcare reform looms on the horizon.
If you're a small business owner you will be able to offer your employees new health plan choices and be compliant with the Affordable Care Act 2010.
Some of these new options will come from the Small Business Health Options Program(SHOP) according to www.healthcare.gov.
Small business are key to the state of Illinois with the state boasting 1.1 million small businesses in 2008. These statistics are based on records kept by www.sba.gov.
To stay afloat many of these small business may look to cut health insurance expenses to save cost but also want to provide some benefit to their employees.
There are private options as well as options on the government marketplace.
The marketplace or SHOP opens on October 1, 2013.
Whichever choice you make for your business www.Healthcare.gov released a checklist today to help ease the mind of the anxious entrepreneur.
7 things you can to to get ready now for healthcare reform
1. Make sure you understand how insurance works by educating yourself on things such as the difference between premiums and out of pocket costs, deductibles, co-payments, maximum out of pockets, HSA accounts, HRA accounts and other terms used in health insurance.
2. Learn about the different types of insurance including those available now and those available in October through the Marketplace.
3. Start thinking about when you would like coverage to begin.
4. Set up a budget for your coverage. Think about how much you will be able to spend on coverage for your employees while also keeping in mind how much they will be able to spend on their own coverage.
5. Get organized. Have basic information such as employee information and tax information available.
6. Make a list of questions you have before it's time to choose the health plans you'll offer.
7. GET PROFESSIONAL HELP. If you don't already use a health insurance agent or broker now is the time to get one. They will be a valuable source in providing you with answers to your questions as well as provide options for your business.
In Illinois, Healthcare Solutions Team, LLC. is one of the largest agencies. By visiting their website you can find an agent close to you or with the exact expertise that you are looking for. An agent locator is available on their website.
Healthcare reform and health insurance can seem as vast as the ocean.
"We cannot direct the wind but we can guide the sails" - Ricky Scaggs.
Use this handy checklist as a way to begin guiding your sails through the sea of the Affordable Care Act 2010.
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