I have 63 full-time employees, and I currently do not offer health insurance coverage…
I have 63 full-time employees, and I currently do not offer health insurance coverage to my employees. I know the penalty for not offering coverage was delayed 1 year, but what will this penalty cost my business next year if I choose not to provide my employees with healthcare?
The penalty for employers with at least 50 full-time equivalent employees and not offering coverage under the Affordable Care Act will be $2,000 annually times the number of full-time employees minus 30. $2,000 * (63-30) = $66,000. The penalty will be increased each year. The penalty will only apply if at least one employee received a premium tax credit or cost sharing subsidy in an Exchange. If no employee receives a premium tax credit or cost sharing subsidy, then there is no penalty.