Employers with a large number of part time employees have unique challenges when it comes to ACA compliance. Those with 50 or more full-time or full-time equivalent employees must meet two important requirements of the Affordable Care Act (ACA), or be subject to penalties A and B,
A PENALTY: Employers who fail to offer a Minimum Essential Coverage (MEC) plan that provides certain wellness and preventive care to full-time employees may face a penalty of $2,970 per fulltime employee (minus the first 30).
B PENALTY: A penalty of $4,460 per full-time employee who enrolls in a subsidized plan throughout a government exchange if the employer fails to offer an affordable Minimum Value Plan (MVP) which provides more comprehensive coverage, such as hospitalization
Talk to your health insurance experts at Total Benefit Solutions to find out how other companies, like yours, are avoiding these ACA penalties.
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