How is the shared responsibility payment calculated?
If you have at least one full-time employee who receives a premium tax credit or cost-sharing reductions under the health plan they’re enrolled in through the state insurance exchange, the payment assessed depends on whether or not you offer health coverage. Doesn’t offer health insurance If the employer does not offer coverage, and at least one full-time employee receives a premium tax credit or cost-sharing reductions, the business must pay $2,000 for each full-time employee, not counting the first 30 employees. Example: An employer with 51 employees who doesn’t offer health insurance and has one employee who receives an individual tax credit or cost-sharing reductions will be assessed $42,000 ($2,000 multiplied by 21). Does offer health insurance If the employer does offer coverage, and at least one full-time employee receives a premium tax credit or cost-sharing reductions, the employer will be required to pay $3,000 for each employee who receives assistance or $2,000 per full-time
Related Questions
- If BEST Shared Services messes up / makes a mistake with an employees pay (like over payment), is it still the responsibility of the agency to collect if the employee leaves prior to full repayment?
- What is my responsibility to the repair shop to receive payment once my vehicle is being repaired?
- How is the shared responsibility payment calculated?
