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July 30, 2014 By Julian

Which Businesses Must Cover Their Employees?

Insurance_HealthInsuranceAndGovernmentWhile no employer must offer coverage, some larger businesses may have to make a payment in 2015 or 2016.

The payment is called the Employer Shared Responsibility Payment and applies to employers of different sizes at different times. Read more below.

  • If you have fewer than 50 full-time employees,you’re not subject to the Employer Shared Responsibility parts of the law any year. You may use the SHOP Marketplace to offer coverage for your employees.

The Employer Shared Responsibility Payment in 2015 or 2016

The Employer Shared Responsibility Payment applies to some businesses with more than 50 or 100 full-time employees who don’t offer insurance, or whose coverage doesn’t meet certain minimum standards.

Regulations announced February 10, 2014 have updated the following:

  • which employers must make the payment
  • which years some employers must make the payment
  • other conditions about the payment

The Internal Revenue Service offers detailed questions and answers about the Employer Shared Responsibility Payment.

The Treasury Department has a fact sheet summarizing recent updates on the Employer Shared Responsibility Payment.

Have questions about the SHOP Marketplace for businesses with 50 or fewer employees? Call 1-800-706-7893 (TTY: 711). Hours: Monday through Friday, 9 a.m. to 7 p.m. EST. Agents and brokers helping small businesses may also use this number.

Source: HealthCare.gov, “Which businesses must cover their employees.” http://www.healthcare.gov website. Accessed December 2, 2015. https://www.healthcare.gov/do-i-have-to-offer-health-coverage-to-my-employees/

© Copyright 2016. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Filed Under: Affordable Care Act, Commercial, Employee Benefits, Health & Benefits, Theme 94, Wellness Programs

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