News and Updates - SBMA Benefits

Latest News and Updates

With COVID-19 turning the world and the healthcare industry on its head, we regualry write about the ways you can navigate the system to keep your business afloat.

What Does the Relief Bill Mean for Health Insurance?

April 4, 2021

The latest relief bill provides ongoing financial support to Americans struggling with financial hardships as a result of the pandemic.

What is MEC and What Does it Cover?

August 31, 2020

Understanding Minimum Essential Coverage (MEC) can be complicated when compared to minimum value, essential health benefits, and actuarial value. Let’s start by answering what is it and what does it cover? Minimum Essential Coverage is a plan that meets the Affordable Care Act (ACA) requirements for health coverage.

How to attract the best employees: Voluntary benefits

August 17, 2020

Looking for ways to attract the best employees in a market where thousands of employees have been laid off? Offering voluntary benefits adds a level of insurance coverage that many workers have not previously had access to. Benefits beyond the traditional 401(k) and health insurance are vital to attracting the right talent for your business.

What is the Families First Coronavirus Response Act?

July 21, 2020

In March 2020, President Trump signed into law the Families First Coronavirus Response Act, the initial coronavirus relief bill aimed at assisting families living in the United States. The new law requires small employers—those with fewer than 500 employees—to provide limited paid-leave benefits to employees who are affected by the coronavirus emergency. Small employers receive new tax credits and federal payroll-tax relief to pay for the new mandatory benefits.

What You Need to Know About Unemployment and COVID-19

July 21, 2020

Unemployment numbers have hit a record high over the last few weeks. The global pandemic has caused many people to lose their job, as businesses were forced to close. Losing a job typically brings a loss of benefits. What do you need to know about unemployment benefits, and how they have changed due to COVID-19?

How to Prevent ACA Penalties due to COVID-19

July 20, 2020

Due to COVID-19, ACA compliance has become a bit more complicated. As an employer, you must ensure that all your paperwork and practices are ACA compliant. If individuals wrongly receive a PTC, the employer is responsible for proving to the IRS that the individual did not qualify. It is now more important than ever to have your information in order, in case of future issues. In the ACA times article below, you will see why ACA penalties may increase this year, and how you can prevent potential penalties for your business.

How Will Coronavirus Affect the Health Care System

July 20, 2020

Coronavirus has sent shockwaves throughout the world over the past few months. While we work to combat the virus right now, we also must consider what might happen in the future. How will the pandemic, the shutdown economy, canceled elective surgeries, and other coronavirus-related issues affect the future of our well being as a whole?