Determining if your Healthcare Coverage is Enough
On Nov. 15, Business owners with 50+ employees need to satisfy minimum value requirements in offering healthcare to employees. To satisfy the minimum value requirement under the ACA an employer plan’s share of the “total allowed costs of benefits provided under the plan” must equal or exceed 60%. If an employer’s plan does not meet the minimum value requirement, employees may qualify for subsidized individual health insurance purchased through the marketplace, exposing large employers to possible penalties under the ACA shared responsibility rules.
The HHS and IRS created a minimum value (MV) calculator to allow an employer-sponsored plan to enter information about the plan’s benefits, coverage of services, and cost-sharing terms to determine whether the plan provides minimum value.
Nexus Catalyx works with clients to ensure they never have to worry if they are paying the right amount or if they are compliant with the IRS and the ACA. We do all the work for them when we hire their staff as our employees. Chat to find out more.