Affordable Care Act Deductible Changes Could Affect Your Business


ry as we might, it’s difficult to keep up-to-date with the major and minor reforms to health care insurance sweeping the nation as a result of the Affordable Care Act. Business owners are especially hard pressed to stay current and compliant with new, federal regulations.

As new reforms takACAe root and others are repealed, many small business owners are experiencing a bit of whiplash while attempting to meet the requirements. One such example is the recent repeal of the deductible limit on non-grandfathered, small business group health insurance plans. The ACA originally stipulated that businesses would be forced to carry plans with deductibles no higher than $2,000 for individual coverage and no more than $4,000 for family coverage. Many small businesses, however, found it difficult to find plans for their small group of employees with deductibles that low at premiums their staff could afford.

Those businesses that have health insurance plans that begin in January for the fiscal year will still have to comply with the deductible limit. Beginning in 2015, the limit will be fully repealed from all employer provided health insurance policies. However, those businesses with plans beginning in October or November of 2014 may be able to avoid complying with the repealed limit. All employer-offered health insurance plans must still comply with the out-of-pocket expense limits for their enrollees, however. Those limits are $6,350 for individuals and $12,700 for family plans.

The repeal of the deductible limit may expand the number of health insurance options available to small businesses, but it doesn’t make the process of finding an appropriate, affordable plan any easier. For that kind of assistance, bypass Congress and come straight to your Watkins Insurance agent. Our knowledgeable agents follow the health insurance activity emanating from Washington, D.C. so you don’t have to. We are experienced in finding small businesses comprehensive medical coverage at rates they and their employees can afford. Contact us today to help you locate a number of quotes with a variety of coverage options, ensuring the policy you buy combines the best of both worlds.

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