Under the Affordable Care Act, all individuals have access to health benefits at an affordable rate based on their combined annual incomes, and all employers with 50 or more full-time employees must offer coverage to all eligible employees. With the Minimum Essential Coverage plan, employee penalties are satisfied for companies with 50 or more employees.
The Minimum Value Plan has a limited enrollment period of 15 days and is offered at no additional cost to the employee. All eligible employees will be offered this plan and will need to contact the enrollment center to opt for coverage. The enrollment center counselors will explain the Minimum Value Plan and, if applicable, provide information on more affordable and benefit-rich options based on the employee’s individual needs including Indemnity Plans, Fully Insured Plans, Major Medical Plans, and Insurance Exchanges. The Minimum Value Plan is made affordable to all eligible employees and includes all 10 essential health benefits meeting IRS standards.
Both the Minimum Essential Coverage Plan and the Minimum Value Plan can be offered in conjunction with other plans. There are no minimum participation or minimum offering requirements. These plans allow you to easily comply with the ACA Employer Mandate.