Obamacare – Do Employer’s Have to Offer Insurance
Obamacare is what most call the Affordable Care Act, or the Patient Protection and Affordable Care Act, which was signed into law over four years ago. Obamacare 2014 includes the employer mandate, or employer penalty and answers the question relate to Obamacare, “do employers have to offer insurance?” When the law was first signed into effect, this statute was slated to take effect in 2014; however it has been delayed until 2015/2016. So, you may still be wondering with regards to Obamacare, “Do I have to offer insurance to my employees”? Do other employers have to offer insurance?
The Obamacare employer mandate is the requirement that all employers, companies, and businesses employing over 50 full time equivalent (FTE) employees provide health insurance options for their full-time employees or pay a per month, employer shared responsibility payment on their tax returns. It seems the number of full time, or equivalent, employees is what determines if your small business will be required to offer health insurance, company benefits. In 2015, companies that employ more than 100 workers, full time, will need to start providing such benefits; in 2016, companies employing 50-99 full time workers will need to start insuring workers.
Our company is ready to partner with you and assist you in navigating these new changes. We have the answers to the questions that you may have, complicated or otherwise. Each company has its own unique issues and we find it works best if we tailor and customize our approach to your company. We’d love the opportunity to talk with you. We also handle the administration, enrollment, payroll deductions, and credit card processing in reference to insurance payments for your company should you decides to offer company benefits for health insurance, or other voluntary insurance products. Schedule a free consultation with us.
For Obamacare, do employers have to offer insurance? In the Patient Protection and Affordable Care Act and related legislation requires business employers that have 50 or more full time employees to provide insurance for the employees. This could also be a combination of full time and part time employees that adds up to 50 employees. These employees will receive adequate health insurance or if they receive premium tax cuts then they will be subject to assessment. There are pros and cons to offering insurance to your employees and if you have 50 or more you might as well embrace the good aspects of doing it since you have to. there are penalties it you don’t insure your employees like paying $2000 per subsidized employee, and this tax is applied to all of the firms employees except for the first 30 not just the ones that are subsidized. Since you have to provide insurance to your 50 or more employees you can look at all the pros that go with that like, getting well qualified employees, avoiding health care reform assessments, tax advantages, tax credit, wellness of your workers, and offering group purchasing power. The answer to the overall question would be yes any business with 50 or more full time employees must provide insurance.