Tom Quigley, Vice President/ National Business Consultant, provides consulting services, and is in charge of recruitment and new business for ClaimLinx.
Related Post: Breaking Down the Employer Mandate Tax Penalties
Today Tom is discussing Obamacare’s Employer Mandate that states employers must offer health insurance that is affordable and provides minimum value to their full-time employees and their children up to age 26 or be subject to penalties beginning January 1, 2015. Groups below 100 have nothing to worry about at this point. For those over 100, it boils down to basic math and getting your CPA and/or attorney involved in the process. These larger groups must decide if subsidies are more valuable than the penalty tax. The first 80 employees are exempt from the equation, and the penalty tax is $2,000 per person above 80 employees. Many employers will gladly pay the tax and provide a self funded arrangement because the subsidies out-way the taxes. There is speculation that this mandate could be tied up in the courts for at least another year.
Related Post: Another Affordable Care Act Mandate Delayed
Regardless of your situation, ClaimLinx can structure benefits in your favor to ensure you are in full compliance with the law without cutting benefits or employees. Please contact us at sales@claimlinx.com or(800) 858-1772 X 25 with your questions.
Our book, “How to Beat Obamacare” is available for purchase on amazon.com.