Health Care Reform

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 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: