The Healthcare Reform Law, also known as the Affordable Care Act or a lot of people refer to it as Obamacare, created a lot of responsibilities for employers, known as the Employers Shared Responsibility Provision, commonly referred to by a lot of people as the Employer Mandate. When representing small businesses, there’s seven key things that it’s helpful to know about the healthcare reforms and what the employer needs to be doing.
Not Just Any Coverage Will Do
You can’t just find the cheapest thing you can find and say, “Here you go, all my employees have healthcare coverage.” It’s got to meet two important criteria. One being that it meets the minimum value requirements and the other being that it’s affordable and what is required in order for it to meet the minimum value requirements is that it offers sixty percent of the different types of coverage’s and things that a health plan should offer or the Reform Law has defined they should offer.
That’s sometimes something of a tricky thing and it seems oftentimes to an employer looking at it that some of the values placed on different things are arbitrary but that’s the criteria that have to be met otherwise you will not be able to avoid the fee that applies if you don’t have that minimum value.