Five Things Employees Need to Know About the Individual Marketplace

Attracting and retaining a talented, committed workforce is crucial for employers. Research shows that employees’ attitudes toward their health and retirement benefits correspond with their employment choices, as well as with their levels of commitment and engagement. Health benefits and retirement funds are consistently in the top two employee valued benefits.

While it may not be legally required to offer benefits to part time employees, it can be a beneficial business practice and an added valuable perk to your employee. Part time benefits may be offered to employees who complete a certain amount of time on the job, if the practice is managed fairly across the entire working population.

However due to cost, not every organization has the ability to offer employer-sponsored health plans to their part-time employees. For your employees who are not eligible to enroll in the company plan, the individual marketplace offers a quality and affordable coverage option.

If you’re an employer and you have employees who need to find health coverage outside of your company plan, here’s the top five things you can share about the individual marketplace. Studies show that employees that feel their employer cares about their well-being have a higher retention rate.

Five things your employees need to know about the Individual Marketplace:

1. Open enrollment on the individual healthcare marketplace is open until  December 15 on HealthCare.gov or your state exchange.
2. No matter if this is your first time getting coverage from the individual  marketplace, or you are returning to the individual market, you must take action by December 15.
3. Those who choose to go without health insurance may have to pay a penalty under the ACA. The minimum penalty for going uncovered in 2018 will be $695 per adult or 2.5% of household income. If the Senate’s tax reform proposal survives in the final version of the tax bill, then beginning in 2019 consumers will be able to go without coverage and not face a fine.
4. Coverage may be more affordable than you think, and there is a possibility to receive financial help. Last year, 8 in 10 people qualified for financial help, meaning they found premiums between $50 and $100 per month.
5. Free help is available to you at 1-800-318-2596 and at HealthCare.gov.

HealthCare.gov is a great option for health insurance to keep you and your family covered, protected, and penalty free. Click here to start searching for your health insurance.

Several state-run exchanges had already announced open enrollment extensions. To learn more about state specific information click here.