INSURANCE FOR LARGER EMPLOYERS
Under the Affordable Care Act, business are not required to provide health insurance coverage to employees. However, beginning in 2014, larger employers may face a penalty if any full-time employee goes to the Covered California health exchange and receives a premium tax credit or cost-sharing assistance to purchase coverage and either the employer does not offer them minimum essential coverage or the coverage it does offer does not provide a minimum value or is unaffordable.
A business is considered a large employer if they have 50 or more full time employees (employed for an average of at least 30 hours of service per week.
The term “minimum essential coverage” means coverage under any of the following: (a) a government-sponsoredprogram, including coverage under Medicare Part A, Medicaid,the CHIP program, and TRICARE; (b) an eligible employer-sponsored plan (does not include excepted benefits); (c) ahealth plan offered in the individual market; (d) a grandfatheredhealth plan; or (e) other health benefits coverage (such as aState health benefits risk pool) as HHS recognizes.
If the employer does not offer coverage, the penalty is $2,000 ($166.67/month) multiplied by the total number of FTEs in excess of 30.
If the employer offers coverage that does not provide a minimum value or is unaffordable, the amount of the penalty is the lesser of $3,000 per year ($250/month) per FTE receiving a subsidy through the Exchange or $2,000 per year ($166.67/ month) per FTE in excess of 30.
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San Francisco, CA 94158
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Contact us to determine if you may be facing a penality and for help choosing the right insurance plan for your business or organization.