The Affordable Care Act and what you need to know
On March 23, 2010, President Obama signed comprehensive health reform, the Patient Protection and Affordable Care Act, into law. The law focuses on provisions to expand coverage, control health care costs, and improve the health care delivery system. Here is what that means for NMMA members as employers:
• The ACA requires employers with 50 or more full-time employees to offer coverage. Employers who do not offer coverage and have at least one full-time employee who receives a premium tax credit, will be assessed a fee of $2,000 per full-time employee, excluding the first 30 employees from the assessment.
• Employers with 50 or more full-time employees that offer coverage but have at least one full-time employee receiving a premium tax credit, will pay the lesser of $3,000 for each employee receiving a premium credit or $2,000 for each full-time employee, excluding the first 30 employees from the assessment. (Effective January 1, 2014)
• Employers with up to 50 full-time employees are exempt from any of the above penalties.
• Employers with more than 200 employees are required to automatically enroll employees into health insurance plans offered by the employer. Employees may opt out of coverage.
For more information, check out the following websites:
Kaiser Family Foundation, A leader in health policy analysis, health journalism and communication, the Kaiser Family Foundation is dedicated to filling the need for trusted, independent information on the major health issues facing our nation and its people.
SBA:
IRS:
U.S. Department of Health and Human Services:
Mercer, a global consulting leader in talent, health, retirement and investments.
The NMMA is putting together a June webinar with more information on the ACA , details to follow.