Keeping Up with ACA Variable Hour Employee Requirements
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It seems as though each week new Affordable Care Act (ACA) regulations and requirements are released, and it’s a lot to keep up with! Luckily our Compliance ‘A’ Team is on the job, translating the latest developments into easy to understand updates. But, what happens when it comes time to comply with all the variable hour employee health plan regulations that have been put in place? Well, we’ve got you there, too.
In conjunction with Key Benefit Administrators, we’ve coordinated a new health insurance product aimed at organizations that have a large number of benefit-eligible employees under the ACA. The KeySolution™ MVP plan is available to employers with a minimum of 50 full-time eligible employees, and can be viewed as a tax planning vehicle that:
- Meets the 60% actuarial value requirement at a starting cost of around $200 per month for individual coverage
- Eliminates both the $2k and $3k penalty provisions of the ACA
- Provides final rates quoted with minimum standards met– as low as 10% of the eligible employees or 20 employees, whichever is greater
- Requires minimal data required to underwrite
- Attracts and retains workers, as well as minimizes turnover
- Offers a national network with availability in all states except Hawaii
However, the plan isn’t for everyone. It’s a low cost option for lower wage employees and/or employers forced to expand coverage under the ACA in which cost minimization is needed. Although the MVP Plan does not offer in-patient hospitalization benefits and may eliminate subsidy eligibility for employees, there are many great reasons to explore this as an option for your organization.
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