Calculate Potential Employer Penalty Come 2014 with Affordable Care Act

1. Penalties for Employers Not Offering Coverage
(Or Affordable Coverage) Beginning in 2014
If the employer has 25 or
fewer employees and
Does the employer Penalties do not
average wage up to
Start here. have at least 50 apply to small
$50,000, it may be
full-time No employers.
eligible for a health
equivalent
insurance tax credit.
employees?
Yes
Did at least one The penalty is $2,000
Full Time annually times the
Does the employer The employer must pay a
employee receive number of full-time
offer coverage to No Yes penalty for not offering
a premium tax employees minus 30.
its workers? coverage.
credit or cost- The penalty is increased
sharing subsidy each year by the growth
in a PUBLIC in insurance premiums
Exchange?
Yes
Does the A Full Time
insurance pay for employee buys
at least 60% of coverage in a
covered health No PUBLIC
care expenses for Exchange & The penalty is $3,000
a typical receives a annually for each full-
population? premium tax time employee
credit. The employer must receiving a tax
Yes
pay a penalty for not credit, up to a
offering affordable maximum of $2,000
coverage. times the number of full-
A Full Time
Do any employees employee buys time employees minus
have to pay more coverage in a 30. The penalty is
than 9.5% of family PUBLIC increased each year by
Yes Exchange and the growth in insurance
income for the
employer receives a premiums
coverage? premium tax
credit.
No
Thinking of dropping group insurance?
I have a UNIQUE PRIVATE
There is no penalty EXCHANGE solution that
payment required of the helps you AVOID employer
employer since it offers PENALTIES by keeping your
affordable coverage. employees out of the PUBLIC
EXCHANGE
Call me to set up a short visit
JEFF PETRO
VP Corporate Insurance Advisor
jpetro@iiaemail.com
www.linkedin.com
847-485-2202

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