The Affordable Care Act (ACA or health care reform law) has not only changed how we do business, but it has also changed the way most other companies do business. Now employers are responsible for complying with the law’s provisions. Most of these provisions took effect in 2010. But others are still planned to roll out between now and 2018.
2015 Starting in 2015, employers with more than 100 full-time employees or a combination of full-time and full-time equivalent (FTE) employees must offer minimum essential coverage to 70% of their employees and their employees’ children. Coverage must be affordable and of minimum value. (Minimum value means the plan covers at least 60% of covered health care costs.)
2016 Most states already consider a small group to be one with 2-50 total employees. Starting January 1, 2016, a small group will be redefined as having from 1-100 total employees.
Employers with 51-100 full-time employees or a combination of full-time and full-time equivalent (FTE) employees will be required to offer minimum essential coverage. Coverage must be affordable and of minimum value. Employers will be subject to penalties if they provide no health coverage to full-time employees or provide coverage that is not considered “affordable.”
In 2016, employers with 51 or more full-time employees must offer coverage to 95% of their full-time employees and their employees’ children. The coverage must be affordable and of minimum value.
We have employer checklist available for both Small Group and Large Group. If you you would like a copy, please contact us at firstname.lastname@example.org and specify which checklist you would like.