affordable care act

On November 15, the Health Insurance Marketplace will begin open enrollment for coverage effective in 2015.
This on demand webinar from CoAdvantage will help you business prepare for 2015 and potential health care reform penalties.
This year, the Internal Revenue Service released draft forms for employer reporting of health coverage. These draft forms are intended to prepare stakeholders (such as employers) for new reporting provisions under Internal Revenue Code Sections 6055 and 6056.
Starting in 2015, employers with 100 or more full-time equivalent employees (FTEs) are required to offer minimum essential coverage (MEC) to full-time employees (those working 30 or more hours per week or 130 or more hours per month) that is affordable and meets minimum value (MV) guidelines. Failure to do so may result in a Pay or Play penalty equal to $250 per month in the event that the employee receives subsidized coverage through the public health care exchange.
On May 13, 2014 the Internal Revenue Service released FAQs addressing the dependent coverage requirement of the employer-shared responsibility rules.
The Affordable Care Act created new reporting requirements for employers regarding health plans they offer (or do not offer) to their employees.
Applicable large employers with fewer than 100 full-time employees will generally have an additional year to comply with health care reform pay or play rules.
Final health care reform regulations state that applicable large employers must satisfy certain health care coverage requirements or be liable for financial penalties. These penalties will be imposed on an applicable large employer if at least one full-time employee receives a premium tax credit or cost sharing reduction in connection with the purchase of individual coverage through the Marketplace Exchange.

On February 10, 2014 final regulations implementing the employer shared responsibility provisions of the Affordable Care Act were released. The ACA imposes a penalty on large employers with 50 or more full-time employees that do not offer coverage to full-time employees and their dependents, or to employers that offer coverage that is unaffordable or does not provide minimum value.

The final rules will delay implementation of these penalties for medium-sized employers that are covered by the employer mandate.

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