As an insurance specialist, I can provide you with some information on health insurance requirements for small businesses. While small businesses are not legally required to provide health insurance, there are certain circumstances where the Affordable Care Act (ACA) may require you to offer coverage.
If your small business has 50 or more full-time equivalent employees, you may be subject to the employer shared responsibility provision of the ACA, also known as the employer mandate. Under this provision, applicable large employers (ALEs) must offer affordable health insurance that meets minimum essential coverage requirements to at least 95% of their full-time employees and their dependents, or face potential penalties.
If your small business has fewer than 50 full-time equivalent employees, you are not subject to the employer mandate. However, you may still choose to offer health insurance as an employee benefit to attract and retain talent.
It's important to consult with an insurance broker or an HR professional to understand the specific requirements and options available to your small business. They can help you navigate the complexities of health insurance and determine the best course of action for your company.