Key questions:
- 1 If the next contract takes you to 50 or more employees, will you pay the penalties or seek coverage?
- 2 Which employees would require coverage?
- 3 If you were to get coverage, how would you get it?
Products
Benefits Administration
Compliance
The Affordable Care Act (ACA) mandate applies to companies with 50 or more full-time employees or full-time equivalent employees (FTEs). But what does that mean? The number involves an average of the number of full-time employees and part-time employee hours each month. So does it apply to you?
Let's find out.
While your business is not currently required to offer coverage, what will happen when you win your next bid and see an increase in employees?
Now is the time to create a long-term healthcare coverage strategy to protect your employees and your business.
The Contractors Plan is the benefits expert that can help you answer all of these questions.
Contact us now
It's good news that you've already got your health insurance coverage in place. You can be proud that you're investing fringe dollars in your employees as opposed to spending extra on payroll taxes or penalties.
Businesses that do not offer acceptable coverage by January of 2015 will face non-deductible tax penalties equaling the lesser of:
If you'd like someone to review your plan and FTE count to ensure you're covered, The Contractors Plan is here to help.
Time is growing short before ACA is mandatory – and as businesses scramble for compliance, coverage is only becoming more expensive.
If your business doesn't offer acceptable healthcare coverage by 2015, you will face penalties equaling the lesser of:
These penalties are not tax deductible, and fringe dollars cannot pay for them.
The Contractors Plan is the benefits expert that can help you answer all of these questions.
Enter the number of full-time employees
then enter hours of service for non-full-time employees.
Full-Time Employee is defined as an employee who worked or was credited with 130 hours during the month (or averaged at least 30 hours per week during the month).
(# of employees in prior year)
Hours of service are defined as each hour paid or entitled to payment including time when no duties were performed (vacation, etc.)
Input the total number of hours for all employees that are not Full-Time during the month. (Only count up to 120 hours for any one employee.)
(Hours of service in prior year)
Enter the number of regular full-time employees and the number of seasonal full-time employees
from the prior year. Then enter the non-full-time hours for regular and seasonal employees.
(Number of employees in prior year)
Full-Time Employee is defined as an employee who worked or was credited with 130 hours during the month (or averaged at least 30 hours per week during the month).
Seasonal Employee includes certain agricultural and retail employees, as well as any employee that meets a reasonable, good faith interpretation of the term "seasonal" when viewed in light of 29CFR500.20(s)(1), as follows: "labor is performed on a seasonal basis where, ordinarily, the employment pertains to or is the kind exclusively performed at certain seasons or periods of the year and which, by its nature, may not be continuous or carried on throughout the year."
(Hours of service in prior year)
Input the total number of hours for all employees that are not Full-Time during the month. (Only count up to 120 hours for any one employee.)
Full-Time Employee is defined as an employee who worked or was credited with 130 hours during the month (or averaged at least 30 hours per week during the month).
Employees who average at least 30 hours per week during the measurement period selected by the employer, are treated as a full-time employee during the stability period selected by the the employer, regardless of the number of hours the employee averages during the stability period. If during a measurement period the employee did not work an average of at least 30 hours per week, but worked at least 30 hours on average during the stability period, they are not required to be covered as a full-time employee during the stability period. However, these employees stability period may not exceed the measurement period.
Next Renewal Date:
(Minimum Measurement Period is 3 months and Maximum 12)
mths
(Maximum Administrative Period is 90 Days - period to enroll)
days
(Minimum Stability Period is the lesser of 6 months but not less than Measurement Period with Maximum 12)
mths