AccountFirst can assist you with up to date Affordable Care Act compliance for your employees. Understanding the importance of ACA Tax compliance, we can provide and augment the framework your business requires. The Affordable Care Act’s main goal is to increase access to medical coverage for Americans at an affordable rate. 2016 continues to show instability and raises more questions than answers for employers who are now being forced to examine the total costs of providing mandated health care insurance to employees. Not to mention the health insurance carriers pulling out of this market place, and those who remain requesting significant rate increases in plan premiums.
AccountFirst can assist you in navigating your course with respect to the Affordable Care Act compliance. Businesses are now mandated to provide all full-time employees and their children up to age 26 with minimum essential coverage, (MEC) solutions. These minimum value plans must cover at least 60% of total allowed medical costs. Subsidies from the business must be offered to employees when the health care premiums are in excess of 9.5% of the full-time employee’s annual gross wages.
Failure to comply with these new laws carry steep fine for businesses, ranging several thousand dollars for each full-time employee. If you are interested in Complex health care reform solutions made Simple, please reach out to us today @ (800) 214-9789.