Here’s the (not so short) list of what companies need to do before January 1, 2015
It’s actually coming this time – the Employer Mandate takes effect in just about six months. According to the Affordable Care Act, employers with 100 or more Full-Time/Full-Time Equivalent (FT/FTE) employees could face steep penalties for failing to offer affordable, minimum value health insurance to at least 70 percent of their FT/FTE by 2015. That percentage increases to 95 in 2016.
To help employers make sure their on track for the New Year, we’ve compiled a high-level list of action items to ensure your compliance:
- Determine whether your company will be viewed as an Applicable Large Employer by 2015
- Determine Dependent Coverage Transition Relief Applicability
- Implement affidavits for all dependents
- Determine non-calendar Plan Year Transition Relief
- Determine whether to “Pay” or “Play”
- Should you decide to “Play” you must negotiate an affordable plan that provides Minimum Value
- Should you decide to “Pay” you should calculate your potential penalties
- Determine Look-Back Methodology for Variable Hour Employees
- Determine whether an Applicable Large Employer for 2016
We’re just skimming the surface here. Each of the action items listed above involves multiple steps and extensive knowledge of the law. Ask your Marsh & McLennan Agency representative or the MMA Compliance Team for more details, including how to receive Employer Mandate Strategy Guides and Health Care Reform Timelines or click here to have the information sent directly to you.