As we begin a new year, we often advise our clients to take the opportunity to look at their current insurance coverage and make sure there aren’t any gaps due to changes from the previous year.
Items that may be overlooked are new pieces of the Affordable Care Act law that are being implemented in 2015.
Most Americans are required to have health insurance (at least since 2014) and if you don’t have it you could be facing an additional tax liability (penalty).
For individuals, this means the tax penalty for being uninsured will increase. The 2015 penalty will be the larger of 2% of household income or $325 per person ($162.50 per child under 18). Do not panic if you’re not covered, as the current open enrollment period does not end until February 15, 2015.
For companies, the most important change in 2015 applies to businesses with 100 or more employees. These businesses must offer affordable coverage to full-time employees that offer the benefits required under the Affordable Care Act. If the business does not offer insurance, they will instead pay a tax penalty to the government of $2,000/employee/year. We are here to assist you in selecting an ACA compliant plan for 2015. We’ve worked with over 100 small group clients so far who are in this situation.
Make a resolution this year to make sure your health insurance is affordable, beneficial and ACA compliant.