The Affordable Care Act requires that everyone have qualified coverage, either through their employer, through an individual policy or they many pay a tax penalty.
Beginning in 2015, if you have 50 or more full-time equivalent employees, do not offer health coverage to them, and at least one employee receives a premium tax credit/cost sharing subsidy in the exchange, your tax penalty is $2,000 annually multiplied by the number of full-time employees (excluding the first 30 employees). The penalty is increased each year by the growth in insurance premiums.
SPC can help employers navigate and understand this complex new law. Minimize your risk, reduce costs and stay compliant – contact us now using the form below.