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Affordable Care Act
Affordable Care Act

Are you ready for the new health insurance plans .... Health Benefits is, and we’re to help individuals and small employers understand:

  • Employer responsibilities.
  • Individual options.
  • Does your current plan meet the “VALUE” standards ?
  • Who is eligible to apply for a tax credit to pay for part of their insurance premiums ?
  • Should a “small” business continue to offer health insurance to all employees AND their eligible dependents?
  • How do the new premium calculations work ?
  • How much will my premiums be reduced ?
  • Which metal plan [gold/silver/bronze] best fits my personal and family needs ?
  • What are my options if I do not qualify for a tax credit ?

Although our site provides you with direct links to both Anthem and Maine Community Health Options, Health Benefits is here to assist you.

 
Are You a Large or Small Employer?

In 2013 did you have more than 50 Full Time Equivalent Employees ?

YES - then you are a LARGE Employer

NO - then you are a SMALL Employer

Not Sure ?
See chart below.

 

How many employees worked 130+ hours per month last year

 

This is the number of Full Time Employees

_______

Calculate the total number of hours worked by Part Time Employees in a month last year.

 

For this calculation 120 hours per month is the maximum per employee.

______

Divide by 120 =

 

This is the number of Full Time Equivalent Employees

______

   

TOTAL:

______

Did you have Seasonal Employees ?

If YES, recalculate to include these employees in your calculation above.

 

If this changes your classification, please meet with your insurance broker to learn more.

 

Large Groups

Do you offer Health Insurance now to at least 95% of your full time employees?

NO

You may be subject to a penalty of $2,000 for each employee qualifying for a credit at the Exchange.   [Beginning 1/1/2015]

   

YES

See next set of questions ...

 

Meet with your agent/broker to discuss:

How much do you contribute toward employee coverage?

______

Is that more than 90.5% of monthly wages?

   

NO

You may be subject to a penalty of $3,000 for each employee qualifying for a credit at the Exchange.   [Beginning 1/1/2015]

   

YES

 

Does your plan meet the 60% Actuarial Value, Safe Harbor or Minimum Value test? [Only 1 is needed]

NO

You may be subject to a penalty of $3,000 for each employee qualifying for a credit at the Exchange. [Beginning 1/1/2015]

   

YES

Your plan meets the requirements of the Affordable Care Act.

 

The answers to these questions will assist your insurance agent/broker to suggest the best course of action for your business.

 

Small Groups

Do you offer Health Insurance now?

 

NO

Send your employees to the Exchange Marketplace.

   

YES
[and not in a pre-2010 grandfathered plan]

See next set of questions ...
 

Meet with your agent/broker to discuss:

How much do you contribute toward employee coverage?

______

Is that more than 90.5% of monthly wages?

How much do you contribute toward dependent coverage?

______

 

What are your employees paid?

 

Is this below 400% of [FPL] Federal Poverty Level?

Ask Health Benefits for credit/subsidy estimates for each employee.

 

Will you qualify for the Small Employer Tax Credit?

Will you purchase a SILVER plan in the Exchange/Marketplace?

Discuss this with your CPA and agent.

 

How many of your employees have dependent coverage?

______

Does the employee’s spouse have employer coverage?

Will that coverage continue in 2014?

If you terminate your group insurance will wages increase?

______

Will this increase be equal to your current insurance contribution?

 

The answers to these questions will assist your insurance agent/broker to suggest the best course of action for your business.

 


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We proudly serve companies in the following areas and beyond:

Just because your town is not listed, that does not mean we do not serve you area.  Feel free to call us (207) 223-1233 or Contact Us by e-mail.

Medicare Annual Enrollment Commercial

I have relied on Maureen Hedges to help our small business set up a health insurance plan for our employees. She is knowledgeable, professional and is always willing to answer any questions that I or my employees have.
Lynn Kelley
Bricknet Information Technologies