Purpose Employer Solutions is pleased to announce the addition of the Health Care Reform Pay or Play Calculator to its library of resources.
As you may know, beginning in 2014, employers with 50 or more full-time equivalent employees may be subject to a penalty tax if they do not offer health care coverage to all full-time employees (and their dependents). These employers may also be subject to a penalty if they offer coverage that is unaffordable or does not provide minimum value.
These penalties, known as the “Pay or Play” penalties, will affect an employer once any full-time employee purchases health insurance through an exchange and receives a tax credit or cost-sharing reduction related to the coverage.
Purpose Employer Solutions recently developed a Health Care Reform Pay or Pay Calculator, a comprehensive modeling tool that can tell you if your organization’s current coverage is considered affordable or if it provides minimum value, and the amount of potential penalties that may be triggered.
To find out how these penalties will affect you, please contact us at your earliest convenience. We can walk you through the process of determining how the upcoming regulations will impact your organization and we will discuss what benefit plan strategies to implement moving forward.