5 Questions to Ask About Your Healthcare Plan After ACA

5 Questions to Ask About Your Healthcare Plan After ACA

Human Resources By: Zack Pace and Rebecca Barnes-Hogg

Employers are at risk of new penalties in 2014 if their healthcare plans fail to follow guidelines established by the Affordable Care Act. Take the time now to look at your plan to see how you'll need to respond.

In 2014, employers face some risk of penalties under the Affordable Care Act. If employers offer health insurance but do not meet the ACA's affordability minimums, the penalty is $3,000 per impacted employee, not to exceed a total penalty of $2,000 per full-time employee (less the first 30 employees). Employers that do not offer health insurance to all full-time employees (defined as 30 hours or more per week) may risk paying $2,000 per full-time employee per year in penalties (less the first 30 employees). Further, employers with eligibility waiting periods on their health plans of more than 90 days are at risk of paying an additional excise tax penalty of $100 per day per affected individual....