To help consumers compare the different features of health benefits and coverage, the Affordable Care Act requires all group health plans and health insurance companies to provide individuals a “summary of benefits and coverage” that “accurately describes the benefits and coverage under the plan.” The SBC is a snapshot of a health plan’s costs, benefits, [...]
The ACA has required people to have what the government has classified as minimum essential coverage, or else pay a penalty which now amounts to 2.5% of modified adjusted gross income over the income tax filing threshold. While the House version of tax reform did not change the penalty in any way, the Senate version [...]
Under the Affordable Care Act (ACA), Applicable Large Employers (ALEs) can avoid paying the $2,000 per employee penalty for failing to offer qualifying health coverage by offering full-time employees a Minimum Essential Coverage (MEC) plan. Offering the most basic benefits – MEC plans offer only the most basic level of benefits required under ERISA and [...]
Employers with 50 or more employees are required to provide their full-time workers with access to Minimal Essential Coverage under the Affordable Care Act (ACA). The mandate is intended to ensure that employees have the opportunity to enroll in an employer-sponsored plan that is both affordable AND comprehensive. The government has established two tests to [...]
Client educational seminar covers Sections 6055/6056 reporting requirements and the Cadillac Tax. On June 17th, Diversified Group will be hosting a client seminar, entitled What Every Employer Should Know about Their ACA 6055 & 6056 Reporting Requirements. Companies who have yet to establish their reporting strategies should use this seminar to get a clear picture [...]
