Overview.
Many local government employers in Washington State are required to provide a minimum level of health insurance to their employees and the employees' dependents under the federal Affordable Care Act
, but some smaller entities may be exempt from these requirements.
What is the primary reason for employers to purchase insurance plans?
The primary reason for employers to purchase insurance plans to provide health benefits to their employees is that
employees get group rates through their employer that are generally lower than what the rates would be if the employees were to purchase health insurance on their own
.
Are employers required to provide health insurance?
From a legal standpoint,
there is no federal law that says companies must offer health insurance to their employees
. However, employers' health insurance requirements do apply for some businesses depending on their size.
How many hours do you have to work to get benefits in Washington?
Worked in Washington state
Whether you worked enough hours in your base year: You must have worked
at least 680 hours in your base year
. At least some wages must have been earned in Washington, unless you recently left the military and are currently located in Washington state.
How do I set up insurance for my company?
- Assess your risks. Think about what kind of accidents, natural disasters, or lawsuits could damage your business. …
- Find a reputable licensed agent. Commercial insurance agents can help you find policies that match your business needs. …
- Shop around. …
- Re-assess every year.
How long is Cobra coverage in Washington state?
Eligibility. You're eligible to continue your health coverage for
up to 18 months
if either of these occur: Your employment ends (unless it's due to gross misconduct)
What are the advantages of employer provided health insurance?
Advantages of an employer plan:
Your employer often splits the cost of premiums with you
. Your employer does all of the work choosing the plan options. Premium contributions from your employer are not subject to federal taxes, and your contributions can be made pre-tax, which lowers your taxable income.
What are some disadvantages of employer sponsored health insurance?
The disadvantages include
an unfair tax treatment, lack of portability and job lock, little choice of health plans, and lack of universal coverage
.
What is the birthday rule?
• Birthday Rule: This is
a method used to determine when a plan is primary or secondary for a dependent child when covered by both parents' benefit plan
. The parent whose birthday (month and day only) falls first in a calendar year is the parent with the primary coverage for the dependent.
Who pays if you buy insurance directly from a marketplace?
With most job-based health insurance plans, your employer pays part of your monthly premium. If you enroll in a Marketplace plan instead,
the employer won't contribute to your premiums
.
What is the ACA employer mandate?
Employer mandate overview. Employers must offer health insurance that is affordable and provides minimum value to 95% of their full-time employees and their children up to the end of the month in which they turn age 26, or be subject to penalties. This is known as the employer mandate.
What is a Cobra plan?
The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances such as voluntary or involuntary job loss, …
How long can you collect unemployment in Washington?
A person can collect regular unemployment benefits for
up to 26 weeks
. * Benefits are calculated based on wages from an individual's base year, not the calendar year. The base year is the first four of the last five calendar quarters. Q.
How many hours can I work and still collect unemployment in Washington State?
If you did not work more than
17 hours in any week in your base period
, you may need to look for only part-time work. Working part-time usually extends the number of weeks you can draw benefits. Additional earnings also may help you qualify for a new claim when your benefit year ends.
Can I apply for unemployment if I quit?
In general,
individuals will be disqualified from receiving unemployment insurance benefits if they voluntarily quit their jobs without good cause attributable to the work
.
Why should you purchase insurance?
It
provides protection against theft, damage from perils like fire and water, and financial responsibility that could result from a visitor or guest being accidentally injured on your property
.
Which of the following is characteristic of employer provided health insurance?
Which of the following is characteristic of employer-provided health insurance? It generally is
less expensive than individual coverage
.
How many steps are in the process which should be used to obtain business insurance?
How to Pick the Business Insurance You Need:
4 Steps
.
Who is eligible for COBRA in Washington state?
COBRA applies only to
employers who had 20 or more workers in the previous year
. State and local governments fall under COBRA, but federal plans and certain religious organizations do not. Federal employees have some similar rights under another law.
Who pays for COBRA after termination?
The American Rescue Plan Act (ARPA) significantly impacts employers who have terminated or reduced the hours of an employee. As of April 1st, 100 percent of premiums for COBRA or state continuation coverage must be paid by
the employer
.
Does COBRA take effect immediately?
You don't need to wait until Open Enrollment in the fall if you have a qualifying life event, such as leaving a job. You have 60 days to choose a plan, and
your benefits will start the first day of the month after you lose your insurance
.
Why would a company sponsor a health insurance plan for its employees?
Employees are more likely to stay with a company that offers valuable insurance benefits, as they can be far more costly to replace on an individual basis.
It can boost employee satisfaction
. Workers tend to place higher value and feel more favorable about jobs and employers that provide good health benefits.
Does employer paid health insurance go on w2?
The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan on an employee's Form W-2, Wage and Tax Statement, in Box 12, using Code DD.
What is employer based health insurance?
Employer-based health insurance (
insurance that is purchased by employers for their employees and financed through employer or joint employer-employee contributions
) is currently subsidized in part by the federal government through tax exclusions for employer contributions to employee health insurance plans.
Why would an employee refuse an employer provided plan?
There are a few main reasons your employees may reject the health coverage you're offering:
They're already under a family member's plan
. They're receiving insurance from another employer. They prefer an individual health plan because it offers better benefits or is more affordable.
Why does employer purchased health insurance result in more comprehensive coverage?
6. Why does employer-purchased health insurance result in more comprehensive health insurance coverage?
Employer purchased health insurance is not taxed
so high earners may wish to put additional dollars into more comprehensive health insurance they reciev the money, pay taxes, and be pushed into a higher tax bracket.
What is a vesting period?
A vesting period is
the time an employee must work for an employer in order to own outright employee stock options, shares of company stock or employer contributions to a tax-advantaged retirement plan
.
