You may not be aware that employers with at least 50 but fewer than 100 full-time/full-time equivalent employees will also need to be compliant by 2016. A full-time employee is one who is employed an average of at least 30 hours per week, 130 per month. The calculations are complicated and it's better to look at it now when there is time to plan ahead for 2016. By working on it this time of year, you'll have better service and options than in the 4th quarter when all agents are busy with renewals, and you're busy with your year end and holidays.
Many rules have changed! Management carve-outs are no longer allowed. Employer contributions have changed. Benefits and networks have changed. Discretion is allowed as long as it is consistent with job titles.
IMPORTANT: If an employer owes the fee because they didn’t cover workers, it’s a flat $2,000 per full-time employee (excluding first 80 employees in 2015, excluding the first 30 in 2016). If only a few end up with unaffordable coverage or if that coverage doesn’t meet minimum value standards, it’s $3,000 per full-time employee who got cost assistance.
If you think that your company needs a compliance review with the new Affordable Care Act regulations, contact me and we can talk about the required changes and how to offer employees an "affordable" plan that protects your business from fines, yet keeps your desired budget intact. If your agent isn't an expert, it's time to talk to one that is savvy in large group health insurance benefits.
Change is inevitable, it's here and the best time to review your options is now.
If you'd like a review of your situation, please contact Great Lakes Insurance & Financial Services Agency at 888-883-5290 or email Kinzie@GLIBrokers.com.