When looking for employment, one of the questions that many potential employees seek answers for is whether the employer offers health insurance coverage. This is because the salary is normally not enough to meet all their needs, and healthcare is a major need that can take a chunk out of one’s earnings. That is why big companies will almost always offer employee health insurance coverage for those that they employ. The reason that this question has become even more important is since health care reform law, also known as the Affordable Care Act, there are some employers that need to purchase health insurance. If they fail to do so, then they will be forced to pay a tax penalty.

Facts Employers Need to Know

The law came into being on January 1^st, 2015, and mainly affected large companies. Those that have 50 or more full time equivalent (FTE) employees need to provide health coverage to their full-time employees. Doing so means that they can avoid tax penalties.

For smaller companies, which have less than 50 FTE employees, it may not be necessary to offer health coverage. However, it is beneficial for them to do so as this could mean that they are eligible for tax credits.

Breaking Down the Requirements

Any employer that is concerned about compliance with the Affordable Care act needs to know the employee health insurance coverage requirements. This begins with determining who a full-time employee is. There are two types: –

• Working at least 30 hours ever week or a total of 130 hours in a calendar month. This is for those who are compensated on an hourly basis.
• Working 8 hours a day adding up to days worked within a month. This is for those where the equivalent is calculated daily.
• Working 40 hours a week for those whose work is calculated on a work week equivalent.

The full-time employee health insurance that is offered by employers needs to offer coverage for at least 60 percent of covered health care expenses. If a big company does not have this type of coverage, then they will have to pay a few for not offering affordable coverage.

It is also worth noting that none of the employees should have to pay in excess of 9.5 percent of their family income for the coverage that is offered by the employer. If they do, they will also need to pay a find as they will not be inline with the affordable care act.

The Differences for Federal Employees

Amongst the largest employers in the country are the government, though the requirement that they benefit from are slightly different. The federal employee health insurance coverage falls under a system that offers benefits to both civilian government employees as well as United States government annuitants. The contribution from the government covers a total of 72% of the weighted average premium on all the available plans. It is worth noting that this does not go over a 75% premium on any specific plan. The calculations for individual coverage is different from the family coverage.

When it comes to getting health care benefits, then there are major advantages of being a federal employee. By being a part of what is known as The Federal Employees Health Benefits (FEHB) Program, the employees can benefit from a wide range of health care plans around the country.

Finding the Right Information

There are several sources that one can refer to when looking for information on employee health insurance. These include the following: –

• gov where It is possible to download the entire Affordable Care Act to get a clear understanding of the laws and regulations it embodies.
• US Department of Labor where one can get detailed information on a wide array of health plans and benefits, for them and their families.
• Benefits Brokers who can simplify the process of choosing the right health insurance, particularly for big companies.
• Employment Legal Counsel who help employers remain within the law by offering legal advice and services.

What all big companies should note is that offering insurance is key to their success and having the best employees.