Employer Shared Responsibility Provisions Under the Affordable Care Act
On December 29th, 2012 the IRS issued an update on its website about the “Employer Shared Responsibility” (money due from an Employer) provisions under the Affordable Care Act. It details out when, why and how much an Employer will owe if they are required to provide an acceptable group health insurance plan to its employees, and they do not. Generally speaking, this impacts Employers with 50 or more Full Time employees.
The Questions and Answers section on the “taxes” or “Shared Responsiblity” may be found on this link: IRS Q&A ESRP
This Q&A paper has 23 detailed responses to the new Employer requirements which go into efffect January 1st 2014 (less tha 1 year away). As you can see from the paper, there is a great deal of analysis that an Employer with 50 or more Full Time equivalent employees must do. If you and your business would like to avoid the responsiblity of understanding all of the requirements on your own, and have an expert Health Insurance Broker/Consultant guide you and provide a custom solution to fit your budget and Affordable Care Act requirements, please give us a call.
Van Beurden Insurance Services, Inc. strongly suggests that you avoid the “Employer Shared Responsiblity” by providing your employees a group Health Insurance plan. We suggest that you have a plan in place by June 2013, to avoid the 35 million uninsured Americans who will be seeking coverage on their own and through their employer.