Employer “Play or Pay” Penalties
Corporate Insurance Advisors, Inc.
Pam DeBoy, CLU, RHU, REBC, ChHC Pam DeBoy, CLU, RHU, REBC, ChHC

Employer “Play or Pay” Penalties Postponed Until 2015

The Administration's official reason for postponing the "Play or Pay" penalties for Large Employers until 2015 is to allow employers more time to prepare for reporting requirements. However, you can't rest on your laurels until then. Whether you are a large (50+) or small (under 50) employer in Georgia, are you prepared for your responsibilities in 2014? This is a checklist with some highlights:

  • Small Employers Only– The Exchange (SHOP) for small employers has been postponed for government run exchanges (Georgia). However, employers can purchase a policy, but employees lose individual plan choices until 2015.

  • Small Employers Only - Maximum deductibles of $2,000 individual and $4,000 family. Maximum Out of pocket limits including deductibles and coinsurance are $6,350 individual and $12,700 family (like HSA limits).

  • Small Employers Only - Small Business Health Care Tax Credit (2010-2013).

  • Waiting period for benefit eligibility – no more than 90 days - (NOT 1st of month following 90 days)

  • If you are partially self funded OR have an HRA you must file and pay the new tax assessment due July 31, 2013.

  • Provide the model notice that contains information about the new Exchange / Marketplace to all employees by October 1st (includes providing to part time employees).

  • Provide Summary of Benefits and Coverage – there are modifications – don't use old ones.

  • Everyone can purchase coverage through the Exchange. You won't be able to use employer money, and you may not be eligible for subsidies, but the Exchange is open to all US Citizens.

  • All Employers subject to COBRA – new model notices have been released and must be used.

play-or-payCall or email me today for a complimentary and confidential review.

Pam DeBoy, CLU, RHU, REBC, ChHC
President

Corporate Insurance Advisors, Inc.
400 Northpointe Pkwy Ste. 600 | Atlanta GA

678-571-1020

Corporate Insurance Advisors, Inc. is a proud affiliate of Intrepid, Inc. Agency system.