OUR PLANS PROVIDE A MINIMUM ESSENTIAL COVERAGE (MEC) FOR EMPLOYEES AND A MINIMUM VALUE PLAN (MVP) THAT COMPLIES WITH ACA REQUIREMENTS.
Providing these options will satisfy the individual employee and employer mandates, thereby avoiding the IRS penalties.
This is a turn-key solution, the entire process is managed from enrollment to reporting.
WHAT HAPPENS IF A COMPANY WITH MORE THAN 50 EMPLOYEES FAILS TO PROVIDE AN AFFORDABLE CARE ACT COMPLIANT PLAN?
TAX 1 The “Tax 1” is a $2,000 per employee per year penalty which will be assessed against any company that fails to offer an ACA compliant plan to at least 70% of its full-time employees.
TAX 2 The “Tax 2” is a $3,000 per employee per year penalty which will be assessed whenever a company fails to offer a compliant plan and one of its full-time employees instead receives a subsidized plan through a government exchange.
100% ACA COMPLIANCE
The first Affordable Care Act requirement is that all companies with 50 full-time employees must provide coverage for the ACA recommended wellness and preventative services.
The second Affordable Care Act requirement is that employers must offer a Minimum Value Plan (MVP). MVP plans provide most of the benefits that people generally associate with health insurance, such as doctor visits and prescription drug benefits.