The employer shared responsibility provision requires applicable large employers (generally those with 50 or more full-time employees or full-time equivalent employers) to offer their full-time employees and dependents compliant healthcare coverage.
If an employer fails to offer an affordable plan, they may be required to pay an assessment for any full-time employee that receives a health insurance premium tax credit for purchasing coverage in the Health Insurance Marketplace for individuals. The ACA also requires employers to provide their employees with a Summary of Benefits and Coverage form that details plan coverage and employee costs. Failure to do so could result in penalties.
All employers that provide self-insured health coverage must file an annual return for individuals they cover and provide a statement to responsible individuals. Applicable large employers must file an annual return, provide a statement to each full-time employee, report whether they offered health insurance, and if so, what insurance they offered their employees. Learn more about ACA reform and what the ACA means for brokers.
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