As of July 1, 2015, small business owners can be fined up to $100 a day per applicable employee. Read more here.
We wanted to let you know about an important provision of the Affordable Care Act that has a huge impact on businesses with 50 or fewer employees. As of July 1, 2015, small business owners can be fined up to $100 a day per applicable employee if they are contributing to an individual health insurance plan for their employees, instead of a group health insurance plan. The maximum fine is $36,500 annually per employee.
How does this impact me?
If you are a small business owner who offers “employer payment plans” for individual plans instead of a compliant group plan, or if you are otherwise paying for and/or reimbursing employees for individual health insurance premiums (instead of offering group health insurance), then you are at risk for a tax penalty. Click here to learn more.
If you aren’t already offering your employees group health insurance, now is the time to enroll so you can ensure your business is compliant under the Affordable Care Act. Also, the prices for many individual plans are expected to go up significantly for 2016, by 15% or more in some cases, possibly making the cost of individual plans unaffordable for your employees.
To learn more about your group health plan options, give us a call at 1-877-456-6670 or visit us online.