Top ten questions employers should be able to answer
1. How many full time employees do you have?
2. Do you offer group coverage to your employees today?
3. Does your coverage deliver minimum value and is it affordable?
4. Might any employee purchase coverage on the new marketplace exchange and qualify for a tax credit or subsidy from the government?
5. How much do you pay your employees?
6. What is your employee turnover rate?
7. What value do you and your employees place on group employer-sponsored health coverage?
8. How much do you and your employees save paying premiums in pre-tax dollars?
9. What is your cost of providing coverage versus potential penalties you may pay for not providing coverage?
10. If any of your employees qualify for tax credits or subsidies from the government, how do those amounts compare to the amount you contribute to their employee only coverage?
Waiting Period under PPACA
- For plan years starting in 2014, all group employers cannot have a waiting period that exceeds 90 days (coverage must be effective no later than 91st day)
90 day maximum waiting period applies to -
- Large and Small Group Employers
- Insured and Self-Insured
- Grandfathered and Non-Grandfathered
- All employers eligible for coverage
- 90 day count down starts on date employee is eligible for coverage, typically date of hire