Health Care Reform

Health Care Reform

The way that Americans buy health insurance changed dramatically on January 1, 2014.  Individuals and businesses with 50 or fewer full-time equivalent (FTE) employees in Vermont must now buy health care insurance on the Marketplace (Exchange), Vermont Health Connect.    Beginning in 2016, larger businesses with 50 or more FTEs must offer minimum value, affordable coverage or pay a penalty.

If your employer does not offer health coverage, you will be able to get health insurance through Vermont Health Connect.   You can use Vermont Health Connect to compare plans and select the one that fits your needs and budget. On the Vermont Health Connect website, you can find out if you are eligible for Medicaid or financial assistance to help you pay for private plans.

If you or your dependents do not have health insurance that qualifies as minimum essential coverage (see healthcare.gov for the definition), you may be subject to a penalty.

There are very specific and technical details, as well as many compliance issues relative to large businesses and the Affordable Care Act.  Kinney Pike’s Employee Benefits Specialists can help explain these requirements.   Contact our Benefits Specialists for more specifics on how we can assist you with Employee Benefits Compliance and the Affordable Care Act.

Key Requirements of the Affordable Care Act and Other Related Information