Running a small business has a lot of demands, including everything from perfecting your products to fixing an overflowing toilet. But one of the trickiest parts can be finding the right health insurance for you and your employees.
Under the Affordable Care Act, companies with 50 or more full-time employees or the equivalent in part-time employees have to provide health insurance to employees and their dependents or pay a fine, $3,860 per employee in 2020. Consequently, 83.1% of American workers were offered insurance in the first quarter of 2016.
Smaller businesses with fewer employees, however, are exempt. So, should your small business provide insurance? That depends on several factors, like can you afford it and do your employees need it?
If you hire mainly high school or college students who are covered under their parents’ insurance, you probably don’t need to induce them to work with health coverage. But if