Understanding the Affordable Care Act Individual Mandate
The Affordable Care Act (ACA) implemented the individual mandate, also known as the “individual shared responsibility provision” that requires that most Americans have a qualifying Minimum Essential Coverage (MEC).
Until 2018, those who did not prove themselves to have health insurance when filing taxes were penalized. The Tax Cuts and Jobs Act of 2017 then eliminated that requirement. This bill effectively eliminated the individual mandate penalty, as of 2019 on a federal level.
Retaining Employees with Minimum Essential Coverage Plans
Over the past two years, employees have been leaving their jobs in record numbers. In fact, this phenomenon, termed The Great Resignation, resulted in 20 million people leaving their jobs in the second half of 2021 alone. Due to mass resignations, employers are searching for solutions to successfully recruit and retain employees.
There are, of course, a variety of factors that contribute to an employee’s decision to leave or stay with a company. Today, we’ll be discussing just one of these factors: How health benefits can contribute to employee recruitment and retention.
Review: “Biden Bid to Expand Health Subsidies: ‘Family Glitch’ Explained“
President Joe Biden continues seeking ways to make healthcare more affordable for Americans. His efforts include aiding over five million people who fall into the ‘family glitch’ of the Affordable Care Act (ACA).
The ‘family glitch’ is a section of the ACA that decreases the ability for families to qualify for health subsidies that make healthcare more affordable.
How to Terminate An Employee’s Benefits Coverage
Employee termination can be difficult to navigate whether the employee quits, is laid off, furloughed, or fired. Whatever the reason, employees leave; and terminating an employee’s benefits coverage can seem like a time-consuming task. But it doesn’t have to be with SBMA’s Web ECI portal.
How SBMA Benefits Supports The Onboarding Process
Employee termination can be difficult to navigate whether the employee quits, is laid off, furloughed, or fired. Whatever the reason, employees leave; and terminating an employee’s benefits coverage can seem like a time-consuming task. But it doesn’t have to be with SBMA’s Web ECI portal.
At SBMA, we support the termination of an employee’s benefits coverage in our one-stop-shop employer portal.
How Does SBMA Support Employee Benefits Administration?
Employee benefits administration can be a pain for any HR department. At SBMA, we aim to simplify the process by giving you access to everything you need in one place. Our enrollment portal houses everything you need for:
- Onboarding
- Offboarding
- Enrollment
- Portal assistance
Our employee benefits professionals have the knowledge and expertise that can save your company time and money. We aim to offer comprehensive benefit management, not only with our portal, but also as it pertains to ACA compliance, providing low-cost options, and offering fast and reliable service.
The convenience of SBMA’s employee benefits administration support allows your Human Resources department to work on their daily tasks and responsibilities without the headache of a difficult benefits administrator. Our one-stop-shop portal helps reduce the paperwork your HR department has to deal with and therefore, improves your bottom line.
Employer Resources
Our website is equipped with plenty of employer resources that give easy and secure access to your records and the ability to make plan changes at your fingertips (i.e. (enrollment portal, adding dependents, employee termination, and more). Adjusting benefit plans couldn’t be any easier with SBMA. Additionally, every task includes video tutorials, walkthroughs, and instructions.
Watch the videos below to see just how easy navigating our portal is.
Enrollment Portal Walkthrough
Adding Dependents Walkthrough
Termination Walkthrough
Partnering with us takes the burden off of your HR department and places it on us, your benefits administrator. Ready to get started? Reach out to us today.
In this effort to streamline and simplify our client’s benefits experience, we’ve partnered with Transamerica. Transamerica’s partnership with SBMA brings you quality, affordable health insurance that fits into your budget and removes the hassle of excess submissions to insurance carriers. Take a look at the full explanation of how this partnership impacts your benefits administration here.
Top Tips To Spring Clean Your Health
Spring is in the air. This means it’s time to spring clean not only your home but also your healthy habits. By focusing on simple ways to improve your health, you are setting yourself up to take advantage of lifelong health benefits. Implementing healthy habits is simpler than you’d think.
Top 5 Reasons to Use Telehealth
Telehealth, a once overlooked method of healthcare services, has significantly grown as a result of the COVID-19 pandemic. Virtual visits are now part of everyday medical services. Its booming growth in the medical industry helps grant easier access to patient care for those in remote areas, or those seeking services that don’t necessitate in-person visits. But that’s not all. Let’s discuss the top five reasons you should use telehealth services.