Does the Health Care Reform Act Impact Me?

Yes it will.

For businesses with under 50 Full time eligible employees on the payroll: you can purchase plans on the Small Business Health Options Program Exchange or purchase coverage through the regular non exchange marketplace. You are not obliged to provide coverage to the employees under the Health Care Reform Act. If you offer coverage and your employees do not participate and go on your plan we will then obtain coverage for them on the Individual Exchange to avoid penalties.

For businesses with over 50 full time eligible employees on the payroll: you cannot purchase plans on the Small Business Exchange. In NYS there is conversation they will raise that threshold to 100 employees in 2017.

Recently as of July 2013 they repealed the penalty for large groups (50+ full time on the payroll). No penalty will be imposed if they do not provide affordable healthcare to employees. The penalty will be reactivated in 2015. The penalty is $2000 per employee. The first 30 employees are forgiven, after that its $2000. The penalties’ will increase over time.

For individuals: if you do not obtain health insurance from your employer you will have to obtain it on the exchange. If you do not obtain coverage you will be faced with a penalty. The penalty is $95 or 1% of your w2 wages. The penalties’ will increase over time.

Stay tuned as the Affordable Care Act unfolds and we break it down for you.

Regards,
Vincent
Mainline Insurance

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