Health insurance companies, businesses with more than 50 full time equivalent employees, and self insured small businesses are required to file.
Still not sure? Take our quick survey to see if you are required to file
The Affordable Care Act was created to make sure employers offer health coverage that provides some minimum coverage and is affordable. Employers that don't fall within these guidelines can face stiff penalties.
Here's how the IRS determines full time employment:
A health care plan provides minimum value if it pays at least 60% of the cost of covered services (considering deductibles, copays, and coinsurance).
Coverage is considered "affordable" if employee contributions for employee only coverage do not exceed 9.5% of an employee’s household income.
Since employers typically do not have enough information to determine household income (including spouse income), there are 3 safe harbor methods to determine if a plan is affordable: