The Affordable Care Act…Countdown to Compliance
The Affordable Care Act does not require businesses to provide health benefits to their employees, but larger employers face penalties if they don’t make affordable coverage available. Enforcement of those penalties will begin in 2016, a year later than originally scheduled. This simple penalty flowchart illustrates how the employer responsibilities work and when penalties may be applied to those employers not offering affordable health benefits under the Affordable Care Act (ACA). Note that in 2015 a large employer is defined as more than 100 employees. In 2016, a large employer will be 50 or more.
Penalty Chart – an easier way to understand the law as a large employer
Information is courtesy of The Henry J. Kaiser Family Foundation. http://kff.org/health-reform/
Copies of the article are available from The Protocall Group. For the latest updates on the law, which occur regularly, email firstname.lastname@example.org or call 856.667.7500 ext. 1234 to be included on our mailing list for Affordable Care Act updates as they become available. A series of whitepapers can also be downloaded on our website www.protocallgroup.com via our blog category Corporate and then Affordable Care Act.
The staffing industry is affected the most by the Affordable Care Act. Protocall will increase coverage from 60 employees to over 300 who will qualify under the ACA guidelines. As a cost-saving strategy, The Protocall Group is becoming self-insured through a health insurance “off-shore” captive model in 2015. This will in fact lower our premiums an estimated 10%. For more information, contact Roy Fazio via phone 856.667.5129 or email him email@example.com
Historical Background on the Affordable Care Act
The Patient Protection and Affordable Care Act (PPACA), commonly called The Affordable Care Act (ACA), is a United States federal statute signed into law by President Barack Obama on March 23, 2010. Together with the Health Care and Education Reconciliation Act, it represents the most significant government expansion and regulatory overhaul of the U.S. healthcare system since the passage of Medicare and Medicaid in 1965.Tags: affordable care act, Employer Penalties, Flowchart for Affordable Care Act