HB Healthcare & Insurance 2014
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Health Care Matters
The Affordable Care Act (ACA) is bringing changes to health care. There are many questions about how health care reform impacts small businesses with up to 50 full-time employees. HMSA is here to help.
Michael A. Gold
Q&A with Michael Gold, President and CEO of HMSA
Q: As a small business owner, do I need to offer new ACA plans this year?
A: You don’t have to switch plans now. Small businesses can keep their current employee health plans for another year. So if you renew your HMSA plan before October 1, you can keep your current plan through 2015.
Q: What if I want to offer new ACA plans?
A: Small businesses have the option to offer their employees new ACA plans starting this year. These plans have a standard set of benefits, including prescription drugs. Premiums for ACA plans will depend on your employees’ ages. So some businesses may see their rates go down and others may see increases.
Q: Can I get financial help for employee health plans?
A: Eligible small businesses could receive a tax credit if they buy new ACA employee health plans on the Hawai‘i Health Connector, the state’s online health insurance marketplace. To qualify for the tax credit, they must have an equivalent of up to 25 full-time employees with average wages of less than $50,000.
Q: Who can I call if I have questions?
A: HMSA will help you with your health plan needs. Call your HMSA representative or 948-5555, option 3, on Oahu or 1 (800) 620-4672 toll-free on the Neighbor Islands. For more information, visit hmsa.com/reform.
This information is based on HMSA’s review of the Affordable Care Act (ACA). This overview is intended for educational purposes only and shouldn’t be used as tax, legal, or compliance advice.
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