Employer Mandate – The employer mandate portion of the Affordable Care Act is important to understand since it can carry significant financial incentives or penalties, depending on the structure and options of your employee health plan. The employer mandate applies to businesses that have 50 or more full-time employees, which must include employees that average 30 hours per week. While the majority of businesses have less than 50 employees, there are also incentives for small businesses to offer qualified plans, such as the Small Business Tax Credit.
Individual Mandate – Just as there is a penalty for employers who don’t offer a qualified health plan, there’s also a penalty for individuals and families that don’t have coverage. For 2015 the penalty is $325 per adult and $162.50 per child that does not have coverage, with a dollar limit of $975 per family. In 2016, the penalties basically double; up to $695 for adults and $347.50 for children, with a family limit of $2,085. These penalties mean that more employees will be turning to employers to meet their healthcare needs in the coming years–and will likely prioritize job opportunities that offer quality health coverage plans. You can read more about the individual mandate here.
Plan & Market Analysis – Before making any suggestions to new clients, we assess their current benefit offerings to find ways to minimize costs, maximize value and stay compliant with current healthcare law. We also offer a complementary review during the policy renewal period, taking into account any changes or trends in the industry, as well as any potential changes in your business. We focus on providing our clients with the flexibility and choice to make an informed decision for their company and its employees.