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TreasureKY -> RE: $750 a month penality- Death care (3/23/2010 5:09:02 PM)
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*sighs* I got tired of waiting and went downstairs to look at the bill.
Regarding the requirement for businesses, it's all over the place, pretty detailed and going to take a while to decipher. At first glance, here's what it appears to be...
Large employers (over 200 employees) will be required to automatically enroll employees in any health plan they offer. Employees have to be informed of Health Care Exchange and they can opt out of the employer sponsored plan.
Employers (an average of 50 full-time employees) not offering a health care plan who have at least one full-time employee that has obtained insurance through the Exchange, will be assessed a tax in the amount equal to $62.50, times the number of full-time employees, per month.
If an employer's plan has a waiting period that exceeds 30 days, but less than 60 days, they will be taxed $400 per full-time employee. If the waiting period exceeds 60 days, then the tax is $600 per full-time employee.
If an employer offers a health care plan and even one employee obtains insurance through the Exchange, then the employer will be fined per month an amount equal to the number of full-time employees times $250... up to a maximum of an amount equal to the number of full-time employees times $62.50.
An employer will be taxed per employee 40% of the difference between the cost of company coverage over $708 per month (for individual coverage) or $1916 per month (for family coverage).
That's pretty much it in a nutshell. Hopefully I didn't massacre anything in the process of translation.
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