Beginning in January of 2015, employers will encounter penalties for noncompliance under the Patient Protection and Affordable Care Act, also called the PPACA, the Affordable Care Act or Obamacare.
What Coverage is Required?
Health insurance provided by an employer must meet minimum standards to comply with ACA. Those standards include:
Contractors with 50 or more full-time equivalent employees* will be fined $2,000 per employee for noncompliance with the Affordable Care Act. Some analysts expect this amount to be adjusted upward to help alleviate the costs state and federal budgets will incur to implement the PPACA.
The Good News
But there is good news for companies working on government contracts:
Penalties for noncompliance under the Patient Protection and Affordable Care Act (PPACA), sometimes called Obamacare, begin January 2014. But there is good news for companies working on government contracts:
Why pay fines and pass up savings on payroll when you could invest that money back in your company? Employees do not want to figure out how to get coverage on their own and will likely look for an employer who provides it for them.
The Contractors Plan has over 30 years of experience setting up and administering prevailing wage benefit solutions. 2015 will be here before you know it! Contact us today to set up a PPACA strategy.
We work through a nationwide network of brokers and agents. Contact us for a referral, or ask your current benefits broker if he or she works with The Contractors Plan. We're happy to sign on new brokers.
*The calculation for determining whether you have 50 or more FTEs is complicated and includes actual full-time employees as well as the hours of your part-time or seasonal workforce. Call The Contractors Plan for help.