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Zane Benefits Publishes New Information on the Employer Mandate
Date:5/23/2013

50 FTE employees will calculate the cost of not providing health insurance and find it is more cost-effective to offer an alternative health insurance solution such as a defined contribution plan. For example, they may choose to send employees to their state health insurance exchanges. Employers would then provide a Health Reimbursement Arrangement (HRA) to reimburse employees for a portion of their policy.

Individual Mandate for Insurance Coverage

According to Zane Benefits’ website, starting in January 2014, health care reform requires most individuals to either be covered under health insurance, or pay a tax penalty.

Coverage can include employer-provided insurance, individual health insurance, Medicare or Medicaid. The tax penalty phases in over three years and becomes increasingly severe. In 2014, the penalty will be 1 percent of annual income or $95, whichever is greater. By 2016, the penalty will be 2.5 percent of income or $695, whichever is greater. This means that if an individual does not have coverage in 2014, he or she will be required to pay a tax penalty when filing taxes at the end of the year.

The total penalty for the taxable year cannot exceed the national average of the annual premiums of a bronze-level health insurance plan offered through the health insurance marketplaces. Health insurance plans will provide proof of coverage for their customers. Several groups are exempt from the requirement to obtain coverage or pay the penalty, including:

  • People who would have to pay more than 8 percent of their income for health insurance
  • People with incomes below the threshold required for filing taxes (in 2012, $9,750 for a single person and $27,100 for a married couple with two children)
  • People who qualify for religious exemptions
  • Undocumented immigrants
  • People who are incarcerated
  • Members of Native American tribes
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Source: PRWeb
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