LAFAYETTE, Ind. (WLFI) - "There's an employer's point of view, an employee's point of view, then there is government's point of view," Ag Alumni Seed Director of Finance Bill Stumph said. "They all don't match."
There are three points of view Stumph admits he needs to know front and back by January 1, 2015. He, like many other employers, is trying to figure out what coverage to offer employees once the Affordable Care Act mandates employers offer health insurance to full time employees working 30 or more hours a week.
"There are two ways of looking at it," Stumph said. "How best do we take care of a business in terms of bottom line? Or how best do we take care of our employees? And can we win with both?"
"Those employers need to realize we have a whole year to get our house in order," Bluewater Benefits Consulting President Ruthanne Laswick said.
Laswick travels the country speaking to employers about the ACA. She said employers have until January 1, 2015 until they face a penalty for not offering employees benefits. If coverage is not offered, employers and employees could face a tax. A penalty can also be given if the plan is considered unaffordable.
"Even as an employer, if you offer a plan, but it doesn't meet certain benefit levels, if it doesn't provide at least a 60 percent benefit or it's deemed to be unaffordable for the employee, then you have a penalty," Laswick said. "But it is only on the person or the persons who goes to the marketplace, and is eligible for a tax credit."
If coverage is offered by your employer you will most likely not be eligible for tax credits in the ACA marketplace.
Laswick said a large business of 50 or more full time employees must offer coverage to the employees' children up to age 26. They do not have to offer it to spouses.
Food Finders Food Bank Executive Director Katy Bunder said as a small business she does not have to offer insurance to children or spouses, but she wants to.
"Our employees work really hard, and are not highly paid," Bunder said. "I just feel like I have an obligation to provide some healthcare for them."
Although employer-sponsored plans have until 2015 to be in place, employees need to be informed what the marketplace has to offer by Tuesday.
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