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Is your hospital at risk for a penalty? Many employers anticipate that, in 2014, they will have to offer health care coverage to more employees. That’s because President Obama’s health care reform will redefine a full-time employee as one who works 30 hours a week versus the traditional 40 hours. This largely impacts employers with 50 or
more full-time employees, because beginning next year they’ll basically have two options: offer “affordable” health care coverage, or pay a penalty of $2,000 per employee (minus the first 30) if at least one employee obtains a subsidy to buy health care coverage in the new health care exchanges that are being set up by state and federal governments. What is considered affordable health care? An employer will still be liable for a penalty
if the
employee’s premium contribution exceeds 9.5%. If that’s the case, then the employer will have to pay $3,000 for each employee who purchases subsidized cover- age through a health insurance exchange. How can employers anticipate and
manage their exposure to penalties? In a new study, benefits administration service provider ADP offers three questions employ- ers should ask themselves: 1. Is there an income threshold below which an individual is unlikely to purchase health insurance, whether
from their employer or from a public exchange? If so, how many employees do I have under
that threshold? These individuals might present less of a liability if they do not trigger penalties by going to an exchange.
2. How many employees today pay more than 9.5% of wages to obtain health coverage?
3. Are there certain groups of employees who would be better off obtaining coverage through a Public Healthcare Exchange? If so, the employer can weigh the cost of the penalty against the cost of trying to provide something of value to the employee.
survey, but I was afraid of what I would hear.” Diane Eigner, VMD,
“For years I considered conducting a client
Owner, The Cat Doctor Philadelphia, PA
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