With the introduction of the Affordable Care Act, all U.S. citizens were required to maintain adequate health insurance. While this may be difficult for some to do, the penalty for failing to comply with this law can be more expensive than the monthly premium if you are an individual or the cost of including employee benefits if you own a company. Here are some of the reasons why you should avoid non-compliance with this law.
If You Own a Business
While the ACA requires some business owners to provide coverage for their employees, there are certain professionals that are exempt from this rule. The number of employees as well as the salary you collect will each play a role in determining your eligibility and requirements. The penalties for neglecting this responsibility can be up to several thousand dollars per employee. Luckily, complying with federal mandates can mean hefty tax credits for your company, making it more possible to offer employee benefits that will protect yourself and attract top talent to your company. Talk with an experienced consultant to receive instructions for obtaining this tax credit.
If You Apply as an Individual.
For citizens who receive no coverage through their employer and must pay for their own healthcare expenses, it can be tempting to neglect signing up for any coverage at all. This choice can bring large fines for each uninsured member of your family, and those fines will continue to increase each year that you fail to apply for coverage. The government has worked to provide affordable options for residents of any income, offering plans in a variety of price ranges and coverage types.
Whether you’re a small business owner needing to discuss employee benefits or an individual in need of healthcare coverage, talk with a qualified representative from Sackett Insurance today. Discover your options and ensure that you’re following the law and will avoid all penalties for non-compliance.
If you want to learn more about the ACA compliance and how it affects you and your business, get in contact with us at Sackett & Associates Insurance Services at (707) 823-3689 or follow us on Twitter, Google+ and Facebook!