If your an employer of any size, complying with the Affordable Care Act is no simple undertaking. While it’s been a decade since the healthcare legislation first passed into law, employers still struggle to keep up with the constantly changing requirements of the ACA, and continue to be confused over which requirements they must adhere to, to be in compliance. Group Benefit Partners can help. As a leading employee benefit consultancy, it is our top priority to monitor the status of the ACA, and to have a complete understanding of the law at all times. As our client, our goal is to help you develop an affordable benefit package with quality benefits, while reducing your risk associated with your benefits and the ACA.
CLICK HERE to learn more about the Affordable Care Act, and about the services we provide to optimize your ACA compliance.
Employers who have more than 50 or more full-time equivalent employees must offer those employees and their families and dependents to age 26, benefits that pays for 60% of the minimum essential benefits, as established by the ACA, or face a potential penalty.
For 2021 employers could incur a penalty of $2,700 (in 2021) times the number of full time employees (minus the first 30 employees). A $4,060 (in 2021) penalty can also occur if an employee goes to the exchange and gets a subsidy (tax premium credit). Penalties can increase each year by the growth in insurance premiums.
Employer paid benefits must comply with the “Essential Benefits” of ACA. Specifically, employers must cover 60% of the costs of the following essential benefits. Individual policies from the marketplace also contain these benefits.
Individuals must purchase their health insurance during the annual open enrollment period from November 1st through December 15th. Failure to do so means having to wait until the next open enrollment to purchase coverage.
Employers are able to offer benefits during their normal open enrollment as usual.
We assist with the reporting process and necessary tax forms, such as accurately compiling benefits data and assisting with timely IRS filings (1094-1095-C & others).
We design benefits to meet ACA requirements, i.e., perform affordability threshold testing, etc.
We assist with eligibility tracking to ensure employees who are eligible for coverage are offered coverage.
We assist with determining penalty potential for employees receiving subsidies from the Marketplace.
118 West Water Street, Suite 101
Decorah, IA 52101
1140 10th Avenue SW, Suite B
Waverly, IA 50677
12337 Stratford Drive
Clive, IA 50325
240 33rd Avenue SW, Suite A
Cedar Rapids, IA 52404
P.O. Box 133
Fort Madison, IA 52627