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June 24, 2014 General

Affordable Care Act 50 Employee Threshold

Sonja Fridell wearing a blue blouse and a dainty necklace.
By Sonja Fridell

50_affordable_care_act

Are you at the Affordable Care Act 50+ full-time employee threshold?

These steps can show you how to comply with the affordable care act. You can dive into the fine print all you want, but follow the step-by-step guide below to make sure you can meet 2015’s new requirements, most importantly, 6056 reporting.

Beginning in 2015, the Affordable Care Act provides for information reporting by employers with 50 or more full-time or full-time equivalent employees regarding the health coverage they offer to their full-time employees (known as Section 6056 rules).” — SBA

What is considered a Full-time employee?

“Under these rules, a full-time employee is one who is employed an average of at least 30 hours per week.” — SBM

So what does this mean for your company?

It means that you must provide information reporting, known as 6056 rules:

6056Reporting

Additional information valuable to your company:

If your company grosses over $500,000…

“You must provide notification to their employees about the new Health Insurance Marketplace; inform employees that they may be eligible for a premium tax credit if they purchase coverage through the Marketplace” — SBA

If your company has over 100 employees…

“Beginning in 2015, those employers with 100 or more full-time or full-time equivalent employees who do not offer affordable health insurance that provides minimum value to their full-time employees (and dependents) may be required to pay an assessment if at least one of their full-time employees is certified to receive a Premium Tax Credit in the individual Health Insurance Marketplace.” — SBA

There are automated solutions to these big human resource headaches…

Fortunately, there is HRMS (Human Resource Management Software) solutions that can formulate 6056 and other Affordable-Care-Act-related reporting automatically. This is where BrainSell comes in. BrainSell is a premier partner of Sage HRMS software, allowing companies of over 50+ people the easiest possible solution to keep compliant with the Affordable Care Act. For more information, download the guide to 6056 reporting above.

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