Insurance exchanges may benefit small medical practices

(HealthDay)—Small medical practices may not need to offer their employees health insurance, although there may be advantages to doing so, according to an article published Nov. 10 in Medical Economics.

Donna Marbury discusses whether small practices can save money by purchasing their own insurance through the public exchanges.

Some small medical practices may be eligible for tax credits in 2014, although many may not qualify for the tax credit. Businesses with 26 to 49 fulltime employees are ineligible for tax breaks, but won't incur penalties, while those with 50 or more employees have to offer employees insurance by 2015 or face a penalty. Before changing health care insurance plans, practices need to decide on the best option for them, based on the medical needs of their employees. If a practice decides to purchase insurance through the exchanges, employees have to decide whether to accept a version of the health plan. To get the most out of health care insurance, health insurance plans should be bundled with an accident and life insurance policy, with a critical illness rider; wellness incentives should be created; and insurance brokers should be consulted to help choose the right plan.

"Each practice should look at your own situation, and decide if those on your plan are generally healthy or are they likely to need medical treatment because of pre-existing conditions," David Alemian, a retirement planner, said according to the Medical Economics article.