Health Care Reform is complex – and failing to get things right can result in significant penalties for employers. One of the most serious issues facing an employer is making sure that it offers a plan that meets the “affordability” requirement in order to avoid triggering a $3,000 annual penalty per full-time employee who receives a federal tax credit for Exchange coverage.
An employer can also fail to meet the shared responsibility requirement if the plan that is offered is not considered to be of “minimum value” with respect to covered benefits.
In other circumstances, such as failing to offer coverage to at least 95% of full-time employees, just one employee going to an Exchange and getting a subsidy can trigger a penalty applicable to all full-time employees (minus the first 30) – even those who are enrolled for healthcare.
This session will examine:
- how these penalties can be triggered
- how to mitigate the possibility of doing so and
- the financial consequences of not getting it “right”
As an attendee of these events, you will receive information about some of the most frequently asked questions (FAQs), which ADP’s health and benefits team has received related to Health Care Reform.