How do business owners know if they are using the right tools / strategy to avoid the problems below? These are just some of the ACA rules and this is why we are here to help you find the best solution. As you can see below ACA can become a stressful situation for a business owner very quickly.
- For employers who don’t provide coverage, the fee is $2,000 per full-time employee (minus first 30 full-time employees). – Subject to change year to year
- For employers who do provide coverage but don’t provide coverage meeting minimum-value and affordability requirements, the fee is the lesser of: $3,000 per full-time employee receiving subsidies, or $2,000 per full-time employee (minus the first 30). – Subject to change year to year
- Employers use measurement periods and look-back periods of 3 – 12 months to find out if they have to comply with the mandate or if an employee is full-time. – Subject to change year to year
- Coverage offered to employees must be considered affordable and cannot cost more than 9.56% of employee household income. The employer must also provide minimum value If coverage isn’t affordable to the employees they can use the Marketplace and the employer can be fined. – Subject to change year to year