Have you considered enrolling your eligible employees in Medicaid?
Under the Affordable Care Act, employers with 100 or more full time workers must offer affordable health insurance coverage. In 2016, employers with only 50-100 employees will also have to comply. With the high cost of health insurance, offering health insurance to employees could have a major impact on your business' bottom line.
Medicaid for Low Income Workers
Arizona, Connecticut, California, Iowa, Kentucky, and 25 other states have recently expanded Medicaid eligibility under the Affordable Care Act.
Before Medicaid was expanded, individuals who made more than 100% of the federal poverty level, about $11,670, did not qualify for Medicaid. If your employees made more than $11,670, you would have had to provide them with health insurance as required by the law.
Under the Affordable Care Act's Medicaid expansion, low income employees earning up to 133 percent of the federal poverty level, or about $16,000, are now eligible for Medicaid coverage.
Enrolling Your Employees
If you have low income employees, you can consider helping enroll your employees in Medicaid. If your employee gets health insurance under Medicaid, you can avoid paying the $2,000 per employee penalties and a share of your employees' insurance premiums.
While encouraging your employees to enroll in Medicaid is legal, there are some steps you should take to avoid violating the law:
Since Medicaid enrollment, unlike other insurance plans, is open all year, don't wait to educate your eligible employees about Medicaid.