Health Care Reform
The way that Americans buy health insurance changed dramatically on January 1, 2014. Starting on that date individuals and businesses with 50 or fewer full-time equivalent (FTE) employees in Vermont were required to buy health care insurance on the Marketplace (Exchange), Vermont Health Connect, with limited exceptions. This moved to 100 or fewer employees effective January 1, 2016. Also starting in 2016, larger businesses with 50 or more FTEs were required to offer minimum value, affordable coverage or potentially pay a penalty.
If your employer does not offer health coverage, you will be able to get health insurance through Vermont Health Connect. You can use Vermont Health Connect to compare plans and select the one that fits your needs and budget. On the Vermont Health Connect website, you can find out if you are eligible for Medicaid or financial assistance to help pay for your health plan.
If you or your dependents do not have health insurance that’s considered minimum essential coverage (see healthcare.gov for the definition), you may be subject to a penalty (this penalty is scheduled to be eliminated effective January 1, 2019).
There are very specific and technical details, as well as many compliance issues related to large businesses and the Affordable Care Act. Kinney Pike’s Employee Benefits Specialists can help explain these requirements. Contact our Benefits Specialists for more specifics on how we can assist you with employee benefits compliance and the Affordable Care Act.
The Affordable Care Act and Other Compliance Related Information:
- Complying with the New York Disability Benefits Law
- Spousal and Dependent Carve-Outs and Surcharges
- Tax Treatment of Transportation Benefits Changes Under New Law
- IRS Releases Additional Guidance on QSEHRAs
- Tax Bill with Benefit Changes Getting Closer
- Summary of Tax Cuts and Jobs Act Employee Benefit Provisions
- IRS Releases Information on the Collection Process for §4980H
- Legislation Introduced to Simplify Employer Reporting
- Employer Reporting – FINAL Forms and Instructions
- IRS Announces 2018 Health FSA Limits
- How Employers Should Handle MLR Rebates
- Senate Tries to Repeal the ACA One More Time
- Employer Reporting – Draft Forms and Instructions
- IRS Decreases ACA “Affordability” Percentage
- The Senate Releases the Better Care Reconciliation Act
- The House Passes New Version of the AHCA
- HSA Requirements
- ACA Status Update
- UPDATE – Taxation of Fixed Indemnity Plans
- Republicans Release Health Policy Proposed Legislation