Time & Attendance
By Max Mihelich
Feb. 1, 2013
The Internal Revenue Service published Jan. 30 final health care reform law affordability rules for employer sponsored health plans.
Under the Affordable Care Act, if employer coverage is not affordable, employers are liable for a $3,000 penalty for each full-time employee whose required premium contribution does not meet the affordability test, which deems coverage unaffordable if an employee’s premium contribution for that coverage exceeds 9.5 percent of his or her household income.
Such employees will be eligible to receive a premium subsidy to buy coverage through a government-run health insurance exchange, according to an IRS release.
The IRS states the requirement only applies to self-only coverage.
Max Mihelich is Workforce’s editorial intern. Comment below or email email@example.com.
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