$38k Per Employee Penalty for ACA Non-Compliance: Obamacare Expert Explains How to Avoid ACA Penalties
Summary
Additionally, on Nov. 15 the federal government will be recruiting all Americans to apply for free or subsidized health insurance on the ACA exchanges.If a business’ employees apply for healthcare through these exchanges, a series of events can be triggered, some of which result in the employer being considered “non-compliant” by the IRS.Los Angeles, CA, October 02, 2014 --( PR.com )-- The Affordable Care Act’s (ACA) compliance deadline for large employers is Jan. 1, 2015.“By waiting until Jan. 1, companies put themselves at risk for penalties that, in some cases, can add up to millions of dollars,” says Kaya Bromley, founder and CEO of Your Obamacare Advisors, leading business strategist and ACA expert, attorney and author.Bromley and FreedomCare Benefits, a state-of-the-art, ACA-compliant program, arrived at the $38,000 per employee penalty total by adding two of the excise taxes that large employers can incur for ACA non-compliance:“Penalty A,” a $2,000 per year, per full-time employee tax for not providing a healthcare plan;and “Catch-All Penalty,” a $100 per day, per full-time employee tax for various violations triggered by the design and administration of a health plan.These penalties will likely pile up for a year or more before businesses learn that they are not in compliance.Additionally, on Nov. 15 the federal government will be recruiting all Americans to apply for free or subsidized health insurance on the ACA exchanges.If a business’ employees apply for healthcare through these exchanges, a series of events can be triggered, some of which result in the employer being considered “non-compliant” by the IRS.Bromley provides these tips on how to avoid Obamacare penalties:1.