The information and calclutaors provided are for educational and illustrative purposes only. For complete details regarding health care reform and how you may be affected please consult a qualified tax professional.
Some Backround informtion:
Are you considered a large employer? If your company has more than 50 full time employees then under the health care reform laws you are considered to be a large employer. If you have seasonal employees that work more than 120 hours per month for more than 120 days per year then those employees may be factored in. Part time employees will also be added if the amount of hours exceeds 30 hours on average per week. What is considered a full time employee? Someone who works on average a minimum of 30 hours per week. What type of penalties will be imposed? For large employers that don't offer coverage, they will be fined the number of employees the business has over 30 times $2,000 per employee. For example, a company that doesn't offer coverage has 70 employees. That company will be penalized $80,000 for the year (70 - 30 = 40 x$2,000 ) For companies that provide benefits that are considered unaffordable (exceeding 9.5% of gross employee income), they will be fined $3,000 per year for each employee that purchases an insurance policy through the State Exchange OR $2,000 per year for each employee over the 30 employee count.
"Vista Health Solutions" www.nyhealthinsurer.com Tel (888)215-4045 Email [email protected]
