Large Businesses
Large group employers who employee 100 or more full time equivalent employees are required to provide affordable health care to their employees. The ACA requires minimum value requirements, if the employer does not meet this requirement, they are required to pay a tax penalty.
Pay or Play Effective Date
Effective January 1, 2015, large employers must offer coverage to 70% of eligible employees.
Affordable Plans
The plan your company offers must be affordable, in order to meet this requirement employee contribution must be less than 9.5% of their household income. If you offer more than one plan this standard must be met by the lowest cost plan.
Minimum Value Plan
In order to meet the requirement, set forth by the ACA, your program must meet a minimum value. The minimum value standard is defined as the plan paying for at least 60% of the covered expenses under the plan.