Wednesday, December 9, 2015

It’s Not Too Late to Avoid ACA Penalties in 2016

Dave Kyllo

Under the Affordable Care Act, certain employers – called applicable large employers (ALE) – are subject to the employer shared responsibility provisions. If you are an ALE, you may choose to offer affordable minimum essential coverage in order to avoid penalties of $2,000 per full-time employee (minus the first 30 full-time employees). Employers also have the option of offering minimum value plans, which if affordable for employees, eliminates the potential for a $3,000 penalty for each employee who would otherwise be eligible for a tax credit on the exchange.  

The attached tax tip from the IRS provides more information about the requirements for large employers.  

It’s not too late to be compliant with the Affordable Care Act in 2016. AHCA/NCAL Insurance Solutions can still help members with acquire a Minimum Essential Coverage or Minimum Value health insurance plan that will create compliance on January 1. For more information about these ACA—compliant plans, please contact AHCA/NCAL Insurance Solutions or call Dave Kyllo at 202-898-6312 or Nick Cianci at 202-898-2841. 

No comments:

Post a Comment