Employer Health Care Reform Assistance

Health Care Reform is dominating conversations and communications throughout the business world. If your inbox looks anything like ours, you receive many e-mails per day with health care reform in the subject line. Trying to keep up with your job duties and all that’s going on with health care reform can be overwhelming and frightening.  At Cool Insuring Agency we pride ourselves in being industry leaders in Health Care Reform. We are committed to helping you navigate these uncharted waters so your organization makes the right financial decisions in 2014 and ensuring compliance with the new regulations.

The employer mandate provisions were set to take effect on Jan. 1, 2014. However, on July 2, 2013, the Treasury announced that the employer mandate penalties and related reporting requirements will be delayed for one year, until 2015. Therefore, these payments will not apply for 2014. On July 9, 2013, the Internal Revenue Service (IRS) issued Notice 2013-45 to provide more formal guidance on the delay. The Treasury plans to issue additional regulations on the reporting requirements over the summer. Future guidance may also impact the rules described in this document. No other provisions of the ACA are affected by the delay.

Employer Health Care Reform Concerns

Starting in 2014 employers with at a combination of 50 full-time or full-time equivalent employees are subject to the Employer Shared Responsibility provisions of the Affordable Care Act. Under the Employer Shared Responsibility provisions, large group employers are required to offer affordablehealth coverage that provides a minimum actuarial value. If an employer fails to comply with any of these Employer Shared Responsibility provisions they could be at risk for multiple penalties.

Determining if I am a Large Employer

Cool Insuring Agency offers the necessary guidance and measurement tools to determine whether an employer is considered to be a large employer.  Each organization is unique and must consider all full-time, part-time, union and seasonal/variable employees in calculations.  In some situations affiliated and commonly owned organizations will be considered one large employer group entity.  Specific measurement periods are recommended to provide the most accurate full-time equivalent count, these periods should be determined at least 6 months prior to renewal.

We Have You Covered

We have all the resources you need to successfully navigate health care reform including:

  • Compliance checklists and timelines
  • Health Care reform legislative update and guides
  • Employee education materials
  • Health care reform video content
  • Penalty Tools including Minimum Value and Affordability compliance calculators and benchmarking

Contact Us for More Information