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With over 76 years of experience, The Jordan Insurance Group is an industry leader in Life Insurance strategies and Employee Benefits. We strive for excellence through our due diligence in selecting products to satisfy our clients’ needs with proven benefit designs and tax strategies. Our Team utilizes a diversified multi-level approach in preserving, protecting and growing wealth for our business and individual clients.
NEWSFLASH: Critical ACA Info. for Companies with Less than 25 Employees
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Affordable Care Act Update: Employers with Fewer than 25 Employees
Employer Notice to Employees: All employers covered under the Fair Labor Standards Act (FLSA), regardless of size or whether they offer health insurance, are required to provide a written notice to employees regarding Health Insurance Marketplace. The Notice of Coverage Options must be provided to all employees within 14 days of hire, regardless of their plan enrollment status or whether they work part or full time. Model notices are available from the TJIG-ADP's "RUN" Support Center or from the Department of Labor website. Small Business Health Options Program (SHOP): Employers with up to 50 full-time equivalent (FTE) employees have access to the Health Insurance Marketplace through the Small Business Health Options Program (SHOP). SHOP is an online marketplace for small businesses to shop for and purchase health plans. SHOP is intended to offer small businesses the increased purchasing power of high quality coverage at a lower cost. Visit healthcare.gov to determine if your business is eligible to participate and to enroll. Small Business Health Care Tax Credit: Small employers may be eligible for a Health Care Tax Credit (HCTC) of up to 50% (35% for tax exempt employers) of their share of employee health insurance premiums. To be eligible, the employer must offer health insurance under a "qualifying arrangement" through SHOP marketplace and: 1) have fewer than 25 FTEs; 2) pay average annual wages of less than $50,800 per FTE; and 3) contribute 50% or more toward employees' self-only premiums. Qualifying Arrangement: For each employee enrolled in the health plan, the employer must pay the same percentage (at least 50%) towards his or her premium expenses. Summary of Benefits and Coverage: Group health plans are required to provide two new notices to plan participants and beneficiaries: 1) the Summary of Benefits and Coverage (or "SBC") and 2) a uniform glossary of medical and coverage terms (or "Glossary"). The SBC summarizes the plan's benefits, coverage and terms. The glossary is a list of terms and definitions commonly used in health insurance coverage. Your TJIG Account Manager will provide your participants and beneficiaries your SBC upon open enrollment. Reporting Requirements Beginning in 2016, there are a number of reporting requirements that will take effect for the 2015 calendar year. Among other requirements, all employers who provide health coverage must report to the IRS certain information on individuals they cover. A copy of the form must be distributed to each of your employees. Reporting requirements can be complicated; employers are encouraged to contact your TJIG account manager with questions or concerns about these requirements. TJIG-ADP proudly presents a webcast on "What Small Businesses Need to Know about the ACA" click here to register and view the webcast! Still have questions about the ACA? Contact a representative at The Jordan Insurance Group today!
William Jordan
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