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May 24, 2019
The Affordable Care Act requires insurers that employ more than 50 full time employees.
If you want to know if the rule applies to your business, you first have to figure out how many full-time employees (FTEs) you have on your team, and you have to play by the government’s math.
The federal government defines a full-time employee as one who works at least 30 hours a week, or at least 130 hours a month for more than 120 days in a year. A part-timer is anyone who works less than that.
You can use this formula to figure out how many FTEs you have:
(Total hours worked by part-time employees each week / 30) + number of full-time employees = Your FTE number)
If math isn’t your forte, let’s make it even simpler:
Okay, have you calculated the final number?Great! Think back to how big your team was in the previous year and see whether you’re required to offer insurance today:
Or, you can always give one of our agents a call and we’ll figure it out for you. And when you’re ready or required to offer benefits, we’ll be with you every step of the way to take the confusion out of the process.
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