If you own a business, you know that managing employees and sponsoring a benefit program can be all time consuming in today’s strict regulatory landscape. And, missing just one deadline can be costly for a small business. But here’s the good news: when it comes to employee benefit HR laws and compliance, we’re here to help you make compliance a breeze. Let’s tackle it together!
As your benefit partner, we help you navigate compliance issues, including the Affordable Care Act (ACA), and assist with tedious benefit program administration. Click the tabs below for our compliance services. Scroll down to learn about ACA Employer Compliance.
Services ensuring your compliance with the ACA include:
The Affordable Care Act, also known as Obama Care, was introduced in 2010. It brought significant changes to the healthcare system to ensure everyone has access to health care. Currently, companies with 50 or more full-time equivalent employees must provide health coverage for their workers. It’s been quite a process as the law continues to change and become more complicated. As benefit consultants, we’re here to help you understand ACA requirements and healthcare reforms to keep your business compliant and avoid IRS penalties. Click the tabs below to learn more.
Your employer sponsored benefits must comply with the “Essential Benefits”* of ACA. Specifically, to be in full compliance with the law, your insurance policy must cover at least 60% of the costs these essential benefits. These benefits include:
Small Businesses may be eligible for a tax credit under ACA healthcare reform laws. Thus, the credit is applied as a discount on your monthly insurance premium. We can help you determine if you are eligible, or use the Small Business Tax Credit Calculator provided by the Health Insurance Marketplace to determine eligibility. Your must purchase your benefits through the Health Insurance Marketplace to secure your tax credit and premium discount. Save the headache and let us guide you through the process. We work with many of the top carriers on the exchange and will help you determine which plan is best suited for your company, it’s employees and their families.
Employers who have more than 50 full-time equivalent employees must offer those employees benefits that pay for 60% of the minimum essential benefits. If you are in non-compliance in 2025, you will incur a penalty of $2,900 (down from $2,970 in 2024) per year multiplied by the number of full-time employees, and excludes the first 30 employees. Additionally, the penalty is increased each year by the growth in insurance premiums. However, note you may also incur a penalty when at least one of your employees receives a premium tax credit in the Health Insurance Marketplace (Exchange).
*This information provided applies to employers. If you are an individual seeking information on how healthcare reform affects you, click here.
We work with many of the top Life Insurance carriers to offer plans that suit different lifestyles needs and budgets. Our guidance is completely free, and your premiums are never higher when working with one of our experienced Health Insurance agents.
