The US Department of Labor Expanded Access to High Quality, Affordable HealthCare Coverage for Millions of Small Businesses Employees Across America
Following President Donald Trump’s Executive Order “Promoting Healthcare Choice and Competition Across the United States.”, the Department of Labor expanded access to affordable health coverage options for America’s small businesses and their employees through Association Health Plans (AHP’s). The new developments were announced by the Department Of Labor on June 19, 2018.
Under the Department of Labor’s new rules, small businesses, including self-employed workers, can band together by geography or industry to obtain healthcare coverage as if they were a single large employer.
The new rules eliminate the competitive disadvantage of small employers versus large employers, who often are able to obtain better terms and rates on health insurance because of their larger pools of insurable employees and the ability to spread risk and administrative costs across those pools.
AHP’s allow small businesses to group together to self-insure or purchase large group health insurance. Expanding access to AHP’s will provide the small employers with the same negotiating power as the large employers and provide more affordable health insurance options to many more Americans, including hourly wage workers.
At Chexperts Payroll Solutions, we are committed to providing you valuable information regarding rules and requirements for managing your employees.
To discuss how we can support you, contact us here…
To learn more about Association Health Plans, click here to read the FAQ section of the Department of Labor on this matter.