The open enrollment period for 2020 is here! It’s time to consider whether or not to enroll in a new health insurance plan or change your health insurance plan. To begin, you need to understand what benefits you can receive with minimum essential coverage. If your employer offers Minimum Essential Coverage and you’ve been hesitant to enroll, let us help you understand how MEC can give you the essential health benefits you need most.
How much can you save with MEC? Minimum Essential Coverage (MEC) is coverage that complies with ACA requirements. The Affordable Care Act (ACA) states that all employers with 50 or more full-time employees- Applicable Large Employers- are required to provide coverage to all eligible employees or they will be subject to fines/ penalties.
Attention Brokers: Are you offering your ALE clients the most affordable MEC? How can you offer your applicable large employers a one-stop-shop for all their needs? Benefits are no longer about simply meeting Minimum Essential Coverage options. You need to offer worksite and voluntary benefits, telehealth options, call center availability, and easy portal management. Why should you offer these options to your employers? Because they want them.
If you are a business owner and qualify as a “large employer” — any company with 50 or more full-time or full-time equivalent employees (employees who average 30 hours per week) — there a few things you need to know regarding employee coverage. If you don’t comply with the regulations set for you, you will face significant penalties, which can quickly add up.
The Coronavirus pandemic has had a massive impact on the financial health of thousands of companies in the United States. These employers have seen the enormous reduction in business and the effect it has on their employee benefit programs, and adjust them to meet the needs of both their employees and their business. These adjustments still carry certain obligations the employer must meet under federal legislation. So what do employers need to know about FFRCA and benefits?
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