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Full-Time? Part-Time? Small? Large? Definitions Are Important!

7/30/2015

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Full time, part time definitions
Full-time? Part-time? Seasonal? What constitutes any of these types of employment under the Affordable Care Act (ACA)?

Under the ACA rules, it states that an employee is considered full-time if he or she is expected to work at least 30 hours per week, or 130 hours per month.  With the employer mandate in effect, there are a few ways to assess whether or not your employees are considered full-time and eligible for employer-provided insurance.

First, review to see if an employee is expected to work 30 or more hours per week. Any employee who meets that requirement should immediately be seen as a full-time employee.

Now for the much more complicated process of determining seasonal and part-time employment. An employee is a variable-hour employee if their weekly schedule fluctuates above and below the 30 hour mark. Since there is fluctuation, it is not immediately apparent if this employee will meet the 30 hours per week or 130 hours a month necessary to be classified as a full-time employee.

The IRS has created safe harbor methods for these determinations. An employer can “look back” at a defined period to determine whether or not an employee should be included as a full-time employee. This “measurement period” can be between three and twelve consecutive months. Following the “measurement period”, there is a “stability period” where said employees are considered full-time and it is locked in for at least 6 months or the same duration as the “measurement period”.  There are continual stipulations regarding the periods to follow that deal with how new “measurement” and “stability” periods are calculated and put into place.

Sound complicated? Very much so. This is a great time to meet with us and discuss strategy to comply with the provisions to save yourself future headaches.

What am I considered? A large employer or a small employer?

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Don’t get caught paying an employer shared responsibility penalty

7/28/2015

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Changes to ACA group insurance requirements
Did you know that the Affordable Care Act mandates millions of dollars in penalties to fund it?  Did you know that large companies can incur penalties if they do not provide employees with adequate healthcare coverage which is "affordable" to nearly all the employees?  Companies with 100 or more full-time equivalent employees have requirements to comply in 2015.

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.
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Who needs to pay the Employer Shared Responsibility Payment?

5/22/2015

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The Employer Shared Responsibility Payment applies to some businesses with 50 or more full-time employees who don't offer insurance, or whose coverage doesn't meet certain minimum standards.
Use the infographic below to determine if you need to get group health care coverage for your company. Then contact Jeanine to discuss what policy and carrier is right for YOUR business.

    DOWNLOAD THE FLOWCHART HERE

DOWNLOAD
Penalties for employers not offering coverage
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