Employers must offer health insurance that is affordable to the employee under the Affordable Care Act stated guidelines and provides Minimum Value to 95% of their full-time employees and their children up to age 26, or be subject to penalties. This is known as the employer mandate. It applies to employers with 50 or more full-time employees, and/or full-time equivalents (FTEs). Employees who work 30 or more hours per week are considered full-time.
Employers subject to the employer mandate, otherwise known as the “B” penalty, are required to offer coverage that provides “Minimum Value” and is “Affordable,” or be subject to penalties. In 2020, the after-tax penalty for qualifying employers that do not offer and make affordable (charging the employee no more than 9.86% of their gross income) coverage that meets “minimum value” for each employee that goes to The Exchange and receives a subsidy is $3,860 or $321.67 per month. The Health Benefit Alliance has developed Actuarially Certified Minimum Value Solutions that are priced at as little as $300 per month and are fully tax deductible!
The Health Benefit Alliance administrative platform allows employers to offer multiple plans that meet minimum value and can range from high-deductible healthcare plans with limitations and exclusions to robust “Platinum level” qualified plans utilizing a national network.