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July 1 Small Employers Face Penalties for Helping Employees Pay Health Premiums/Costs

Beginning Wednesday, July 1st, employers who help employees pay for individual health insurance premiums or assist with healthcare costs outside of small group health coverage could face hundreds of dollars in IRS fines per day.  

Prior to the passage of the Affordable Care Act, with its mandate that all Americans purchase insurance and requirement for businesses to offer employees insurance plans, many small companies provided coverage by directly reimbursing medical costs or for the cost of private insurance plans. Businesses do it because that’s a less complicated process than dealing with an official health insurance plan, but continuing to do so after July 1 could cost them hundreds of dollars in fines each day.

The penalties will only affect businesses with less than 50 employees. Those with more than 50 employees are already required to offer a health insurance plan

Fox News Article

Dave 
 

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