Employers will be challenged by the new affordable care act regulations which will go into effect in 2014. <\/p>\n
A company who does not offer insurance and has 100 employees is looking at a minimum new expense of $140,000. The math for the new penalty is the following for an employer with more than 50 full time employees who offers no coverage:
\n * $2000 times the number of full time employees – 30<\/p>\n
Even if they offer coverage and pay 60% of the cost of the health plan, if a family employee’s portion is greater than 9.5% of their pay the family can then buy on the exchange and the employer has to pay a $3,000 penalty. With some family plans at or above $20,000 per year that could add up as those employees are probably not paying for family coverage now because they cannot afford it. <\/p>\n