In April, we attended a very important high level conference concerning the direction of health care in this nation. We bring back vital information to companies on both fronts; those who do not provide health care insurance to their employees and those who currently do provide these services.
Robert Gibbs, American Political Advisor, Commentator and Former White House Press Secretary was there to expound on the latest federal decisions and rulings. Many were attentive as Mr. Gibbs spoke about the Employer Mandate issue.
The Employer Mandate requires all employers with over 50 employees to provide health insurance for their full-time workers or pay a monthly “Employer Shared Responsibility Payment” on their federal tax return. It is supposed that the monthly payment would go to pay expenses of those using the healthcare system but not having their own health insurance plan or being under insured.
Thought to pass is 2014, Mr. Gibbs predicted at Colorado Conference that this mandate would not pass in 2014. To date; the current information is that this mandate has been delayed until 2015.
On that note, we encourage companies to have a review of their health insurance to make sure they are in compliance. By taking care of this before 2015, your company can learn how to save in employee benefits and at no extra cost be assessed for compliance. For companies that do not yet carry insurance, we can offer rates at costs quite lower than the expensive fines that will be pursued by government regulators in the near future.
· The annual fee is $2,000 per employee if insurance is not offered
· If at least one full-time employee receives a premium tax credit because coverage is either not affordable or does not cover 60% of total cost, the employer is required to pay the less of $3,000 for each of its employees receiving a credit of $750 for each full-tim employee total.
· The Fee is a monthly charge paid annually on the Federal Tax Returns starting in 2015 for a business with 100 or more full-time employees. This of course means 1/12 of the $2,000 or $3,000 required per employee.
· This Fee is not Tax Deductible
· Companies in Transition may qualify for “relief” during their “Transition” process.
Don’t Delay Find out where you stand and save money with a healthcare insurance plan customized to bring you every discount possible.