Group Health Changes for 2015

February 20, 2015

How Group Health Care Has Changed

If you own a business, chances are you have heard about all the health care changes that could affect you and your employees. You also may be a little confused in regards to what you are required to offer, and when you need to start offering it. Keep these tips in mind to ensure that you do not have to pay any heavy fines for not offering the right health care to your employees.

In 2015, if your company has 50 or more employees, you are required to offer health insurance to all of your employees. If you do not offer health care coverage, you will have to pay a monthly fee until you comply with the new rules and regulations. The penalty for not offering group health coverage is up to $3,000 for the year for each full-time employee who is receiving a subsidy or tax credit or $2,000 for every full-time employee, excluding the first 30 employees, whichever amount is less.

Starting next year, there will be even more changes being made. Groups that have 2 or more employees will be required to offer group health coverage to their employees. Even though this will affect many more businesses, there will still be heavy fines if coverage is not offered.

The new health insurance employer mandate also comes with new reporting requirements. The information that employers are required to report to the IRS include:

  • Certification as to whether you offer minimum essential coverage to employees.
  • The number of full time employees for each month during the year.
  • Your contribution to the lowest-cost plan’s premium.

For all of your group health insurance needs and to ensure that you are able to offer the right amount of coverage to all of your employees, contact the insurance professionals at Access West, Inc. in Murrieta, California.