Are we going to Pay or Play? That’s one question every employer with 50 full-time equivalent employees or more should be asking their employee benefits broker about their health care plans and the PPACA penalty tax that will be imposed in 2014. Want more questions you should be asking?
- In 2014, will we have to pay a penalty?
- Is our health plan affordable? Does it provide minimum value?
- How much could we be required to pay in penalty taxes with our current health plan?
- Can you recommend changes we might make to our plan design to protect us from potential penalties?
- What is the cost associated with upgrading to a compliant plan, and the penalties associated with dropping coverage?
- If I drop coverage, what will we need to do to subsidize our employees to keep them at the same level of compensation?
- How could dropping coverage effect employee morale and retention?
- How can you help our organization shift to a consumerism plan design model?
- What are other companies like ours doing?
At Broad Reach Benefits our highly specialized team will help you walk through this process. This is a slow and steady march towards 2014. We’ll provide you the strategic advice and guidance at each step along the way to arrive at the best decision for your particular situation.