Under the Affordable Care Act (ACA) you must offer full-time employees affordable group health benefits that provide minimum value, in other words, play, or pay a free-rider penalty if even one employee buys insurance on the individual exchange and qualifies for a premium tax credit.
In my last blog post, we sketched out who qualifies as full-time employees. This week, I’m outlining the affordable coverage/minimum value mandates for group health plans.
In my next blog post, I’ll cover information reporting. This is strictly an overview of these provisions. To get the full story on ACA compliance, you should consult your tax, legal or benefits professional. You can also surf to the IRS’ website: www.irs.gov/Affordable-Care-Act; click on Employers.
What coverage do you offer?
You must offer group coverage that is affordable and provides minimum value.
- Coverage is affordable if it doesn’t exceed 9.56% (in 2015) of employees’ h...(register to read more)