|
IMPORTANT: Employer Shared Responsibility Revisions |
|
On Monday, February 10, 2014, the Treasury Department released updates to the Employer Shared Responsibility requirements. Employers with between 50 and 99 full-time workers won't have to comply until 2016 with the law's requirement to provide insurance or pay a fee. Companies with 100 workers or more could avoid penalties in 2015 if they show they are offering coverage to at least 70% of their full-time workers.
Highlights on how the policy affects employers:
- Small businesses with fewer than 50 employees* (about 96% of all employers): Under the Affordable Care Act, companies that have fewer than 50 employees are not required to provide coverage or fill out any forms in 2015, or in any year, under the Affordable Care Act.
- Employers with 50 to 99 employees* (about 2% of employers): Companies with 50-99 employees that do not yet provide quality, affordable health insurance to their full-time workers will report on their workers and coverage in 2015, but have until 2016 before any employer responsibility payments could apply.
- Larger employers with 100 or more employees* (about 2% of employers): The overwhelming majority of these companies with 100 or more employees already offer quality coverage. Today's rules phase in the percentage of full-time workers that employers need to offer coverage to from 70 percent in 2015 to 95 percent in 2016 and beyond. Employers in this category that do not meet these standards will make an employer responsibility payment for 2015.
* Includes full-time equivalents.
BSG will continue to monitor and provide updates as details are released. BSG clients may contact their BSG Account Manager with any specific questions.
|
