Will you be hit with penalties due to health care reform in 2014?
In 2014, some employers may have to pay a penalty if their health plan doesn’t meet certain criteria. We can determine if your health plan will be considered affordable, if it provides minimum value, and if you could be affected by Health Care Reform’s penalties.
How much will you pay in penalties for your plan?
Using our Health Care Reform Pay or Play Calculator, we can determine how much you could be required to pay in penalty taxes with your current health plan, as well as model changes that may protect you from being assessed fines.
Do you have a plan for the upcoming regulations?
By comparing the amount of penalties for your existing health plan, the cost of upgrading to a compliant plan and the penalties associated with dropping coverage, we can tailor a strategic benefit plan to fit your organization’s unique needs moving forward.
What do you need to get started?
- Current or Renewal Rates by coverage tier
- Employee Contribution by coverage tier
- Plan enrollment count by coverage tier
- Employee W2 income (Annual Wages)
- Employee Type (Full-time, part-time, seasonal, etc.)
- Employer Marginal Tax Rate
- Medical Benefit Description including deductibles, copays, coinsurance, out-of-pocket maximums, and RX benefits
Heffernan's Health Care Reform Pay or Play Calculator calculator will help our clients:
- Determine if the plan they are offering is compliant
- Determine how much in penalty taxes they could be required to pay with their current health plan
- Compare the cost of the current plan and associated penalties with the cost of upgrading to a compliant plan
Questions? Please contact us.