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Do I Have to Give My Employees Health Insurance?

Posted on: March 3, 2014 By: Kevin Tavakoli

There is a lot of confusion and some misinformation surrounding how the Patient Protection and Affordable Care Act, commonly known as "Obamacare", affects the requirements of business owners to give health coverage to their employees. While there are many regulations governing which businesses need to provide health care insurance to their workers, these regulations are in flux, with changes being made regularly.

There are some parts of the act that have not changed:

  • No employer must offer coverage to employees. The act only requires some employers who choose not to provide insurance to pay a fine.

  • Employers with less than 50 employees are not required to provide coverage, nor are these employers required to pay the fine under the act’s Shared Employer Responsibility part of the law.

  • The Shared Employer Responsibility section of the law does not currently go into effect until Jan. 1, 2015.

A detailed FAQ is available from the government’s IRS website which provides more detailed information about which employers are effected by the new law, and what the penalties are for violating it.

For more information on providing your California employees with health insurance, please contact Save-On Health Insurance Services in Los Angeles.

Get To Know The Affordable Care Act Coverage Levels

Posted on: February 14, 2014 By: Kevin Tavakoli

Under the Affordable Care Act, health insurance plans come in four different levels. Coverage and range of benefits vary by level. However, the ACA requires that each level covers the same basic health benefits for everyone.

The bronze level, which is the lowest, offers coverage for 60 percent of health care costs. This level also has the lowest monthly premium cost.

The silver levels covers 70 percent of health care costs.

The gold level increases coverage to 80 percent of health care costs.

The platinum level, which is the highest, covers 90 percent of health care costs. As the highest level available, this one also has the highest monthly premium.

With each of these levels, the leftover percentage of costs is left to the enrollee to pay. As you move up a level, your cost-sharing percentage lowers but your monthly premium rises.

For more information on insurance coverage levels under the Affordable Care Act in the greater Los Angeles, California area, contact Save-On Health Insurance Services today.