MEC Plans/ACA Penalties

MEC Plans for Businesses

Large employers who choose not to provide health insurance to employees will be subjected to penalties under the Affordable Care Act.  Kairos Insurance Group offers a customizable plan to these employers to avoid the “sledgehammer” tax.  These are inexpensive plans designed to help provide some coverage to employees while also reducing the penalties a company will be subjected to.  MEC plans also assist in keeping the business compliant with ACA reporting requirements.

Below are some examples of benefits that can provided by a MEC plan.

ACA Required Employee Documentation & Reporting

  • Exchange notices – part A & B (at point of hire)
  • W-2 cost of coverage determination
  • Culturally appropriate summary of benefits and coverage
  • IRC 6055/6056 simplified reporting (employer must provide information)

ACA Decision Support Registry

  •  Tax impact, penalty impact, turnover costs, salary impact, cost of coverage
  •  Dropping coverage OR not offering coverage to certain classes/location/controlled groups
  •  Offering coverage to previously non-covered employees
  • Decreasing employer contribution
  • “sledgehammer” VS. “tack hammer” penalty assessment

Enrollment & Implementation Material

Value Added Compliance Services

  • HIPAA privacy and compliance training
  • ACA training
  • Compliance webinars
  • Regulatory compliance updates direct to the email boxes you desire
  • State legislative updates

 

To obtain more information, please complete the form below or call Summer Westerbur at Kairos Insurance Group at 719-637-2500.

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