It’s a question we get often:
Do I have to provide insurance for my employees to avoid paying a penalty?
Beginning January 1 or coinciding with a company’s plan year in 2015, employers with over 50 Full-Time Equivalent Employees, (FTEs), must provide insurance that meets the requirements under the Patient Protection and Affordable Care Act or face the possibility of penalties.
Currently, employees working 30+ hours/week on a regular basis are considered full-time employees.
Each part-time employee counts as a fraction of a full-time employee. For example, three employees working 10 hours/week each would be the equivalent of one full-time employee. Determining your full-time equivalent employee count can become very complicated when calculating part-time, temporary and seasonal employees. It is best to let the experts at HSIS assist you in determining whether you must comply with the employer mandate.
Contact us today to get started on the process and take the stress off you! HSIS is here to help.