Kavaliro recently compiled a white paper to help inform businesses and individuals about the implications of the highly debated Affordable Care Act (ACA). As a small business, we at Kavaliro feel it is our responsibility to share the white paper. As the ACA becomes fully implemented over the years, it will have an inevitable effect on everyone. In order to keep you up to date with the latest information, Kavaliro has updated its Affordable Care Act white paper with the changes to the medium sized business employer mandate.
The IRS has once again delayed the Affordable Care Act’s employer mandate requirement for businesses with 50-99 employees. The new effective date is January 2015. This gives certain companies extra time before they are required to offer health insurance to virtually all of the full-time workers they employ. In order to qualify for the delay on the mandate the company must:
- Not reduce the size of their workforce or overall hours of employees through 2014
- Continue or increase employer contributions toward coverage from Feb.9, 2014, through the end of the 2015 plan year
- Complete and attach a certification to their Section 6056 report (due Jan. 2016), which requires employers to report the health care coverage offered to full-time employees
Down from a previous 90 percent, employers are required to offer minimum essential coverage to 70 percent of their full time employees, at the very least, in 2015. If a company has 100 or more full-time and full-time equivalent employees, they still must meet the terms of the employer mandate requirement on January 1, 2015. Something else to be aware of, is that employers will pay no penalty on the first 80 employees instead of 30 in 2015.
To learn more about these changes, and to read the Affordable Care Act in full, please click here.
Kavaliro Employment Agency has offices in Tampa, Fla., Charlotte, N.C., Orlando, Fla., Washington, D.C., and Jacksonville, Fla. and can make sure you find the right people for this important role. We are ready and waiting to help you anytime and look forward to hearing from you.