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Episode 5: Don’t Get Burned By Obamacare
How Much Do You Really Know About The Affordable Care Act?
The Affordable Care Act – or Obamacare – has ushered in many changes, and the target is always moving. But there are some great resources available to help businesses like yours avoid the steep penalties associated with the ACA. Take a look at the following articles to learn more about your responsibilities under the regulation.
Helpful ACA Articles:
Reimbursement arrangements that cover two or more active employees are considered to be “group health plans” and therefore must satisfy the Affordable Care Act’s (ACA) applicable group market reforms — and noncompliance can be very, very expensive.
You may find yourself at risk for eligibility discrimination if, for example, you offer coverage only to the owner and an employee or two and not to the rest of your team. You also run into problems if you are found to be discriminating in the benefits your company provides.
American businesses have been feeling the push and pull of Obamacare on their bottom lines for a while. Now, it’s time for individuals who chose to forego health insurance coverage to see what the individual shared responsibility provision has in store for them.
Now companies that feel offering health insurance the covers contraceptives goes against their religious beliefs can opt out of providing this kind of coverage.
You may have heard some buzz lately about the Obama administration and/or the IRS barring employers from “dumping” employees onto the health care exchanges – with some truly severe cash penalties for doing so. But is this really “new” news? What exactly does this mean? It might surprise you to know that employee dumping is not all it seems.
Under the ACA (a.k.a. Obamacare), depending on the size of your employee pool, you may be required to offer your employees health insurance or face some hefty penalties. But don’t despair; Obamacare has also created some new opportunities for you regardless of how many employees you might have.
You know that, if you have 50 or more employees, you either have to offer insurance or pay a penalty. But it’s not that simple. The coverage requirement applies to businesses, organizations or government entities with 50 or more full-time equivalents (FTEs). Learn more about the full-time equivalent test and other essential Obamacare facts.