|Davis Insurance Group is a trade name used by two different agencies. P&C Products offered through Davis Insurance P&C LLC. Life, Health, Long term Care and Medicare supplement products offered through S.J. Davis
& Associates. We are licensed to sell insurance in North Carolina and South Carolina. Do not cancel any insurance product until you have a replacement policy in place and paid for.
|Or call us today for your free insurance quote (910) 392-5173
5041 New Center Dr. Suite 207 - Wilmington, NC 28403
Copyright - 2006 Samuel J Davis
|Group/Business Health Insurance
Starting January 1st, 2014 all group health insurance plans will be required to
be compliant with the new Affordable Care Act (ACA).You will not have to
make changes to your existing plans until your renewal date in 2014.
Employers of less then 50 full time equivalent employees will not be required to
provide health insurance for their employees. Employers with more then 50 full
time equivalent employees will be required to provide health insurance with the
minimum essential health benefits or face a fine from the federal government.
What are the penalties? This penalty applies to only full time employees.
Example: You have 70 full time equivalent employees and 45 actual full time
employees (an employee that works more then 30 hours a week). The penalty
applies only to the 45 actual employees. Please give us a call to determine
your full time equivalent employees.
The penalty is $2000 per employee per year minus the first 30 employees. In
the example above you would have to pay $2000 times 15 employees for that
year. What if I provide coverage and it does not meet the definition of affordable
minimum essential coverage as defined by the new health care law?
If you have an employee draw a tax credit through the exchange, your penalty
is as follows: The lesser of:$3000.00 times the number of employees drawing a
tax credit on the exchange or $2000.00 times the number of full time
employees minus the first 30 employees.
Common Ownership? If you have more than one company, with common
ownership, all companies will be considered as one when counting full time
equivalent employees. This is used to determine if you are an employer that
will be subject to the new penalties for not providing health insurance coverage
for your employees.
Get a quote:
Download quote request
We also provide
group quotes for
- Dependent Life