Sofi Insurance Services is planning to offer comprehensive insurance plans under the Affordable Care Act for small employers.
As per the Affordable Care Act, it is mandatory for most of the Americans to have adequate health coverage either individually or through an employer.
Under the act, a healthcare reform insurance provider is supposed to provide essential health benefits like outpatient services, office visits, preventative and wellness services, emergency care, hospitalization, prescription medications, maternity care, newborn care, lab services and pediatric services.
A business could face tax penalties for failing to offer appropriate coverage through an Affordable Care Reform Act insurance provider.
For businesses with more than 50 full-time employees, who do not provide at least 60% of the actuarial value of insurance benefits, could face a fine of $2,000 per employee.
However, businesses with less than 50 full-time employees are exempt from the penalties, and will be eligible for tax credits to buy coverage.
For employer-sponsored plans that exceed 9.5% of employees’ household income, the fine could be $3,000 per employee who buy coverage through the exchange, or, $2,000 per employee.
Businesses with less than 25 full-time employees and whose average wages are below $50,000, may be eligible for tax credits.