In 2015, the next phase of the Affordable Care Act gradual rollout beings, with the Employer Shared Responsibility portion of the act requiring some companies to provide affordable health coverage to the majority of full-time employees. TRAK Group, one of Cincinnati’s most successful employment and staffing agencies, suggests taking a look at the provisions going into effect this year to ensure your company is in compliance.
According to the U.S. Treasury Department, 96% of all employers in the U.S. have 50 employees or fewer, meaning that the law will not apply to them. Although all companies with more than 50 full-time employees will be required to offer health care options, many will be able to wait until 2016. This year, the law only applies to businesses with 100 or more full-time workers; and these companies will only be required to offer affordable coverage to 70% of them.
The Affordable Care Act uses very specific parameters to define what is considered “affordable,” and which employees are considered “full time.” Even though your company’s individual guidelines may differ, for the purposes of the ACA, any employee who works an average of more than 30 hours a week is considered full-time—except for those working seasonal jobs—and employee costs for health insurance cannot exceed more than 9.5% of their household income. The plans offered by the employer must also meet a minimum value standard, or significant penalties could result.
TRAK Group specializes in helping you find your next great hire, as well as providing temporary or seasonal assistance. To find out more, visit their website or call (513) 792-8800 to discuss your company’s needs, or to find out about job opportunities through this reputable employment agency.