ACA: What if I Own Multiple Businesses?
Those who own multiple businesses (with at least 80% ownership) have to look at the total employee head count among their businesses to determine if certain Affordable Care Act (ACA) provisions apply. Even if the businesses have separate Federal Employee Identification Numbers (FEINs), the number of employees is pooled together for purposes of ACA.
How Will This Affect Your Businesses?
If you have 50 full-time (FT) or full-time equivalent (FTE) employees total among any businesses you own, you are actually an applicable large employer for purposes of ACA and will be subject to the employer mandate, which means you will have to offer minimal essential coverage (MEC) to your FT employees. That coverage also needs to be affordable and provide minimum value based on the employer mandate provision or you may face penalties.
How Can Oasis Outsourcing Help?
Oasis Outsourcing, one of the nation’s largest Professional Employer Organizations (PEOs), offers medical plans that meet the MEC requirements and all other mandates related to Healthcare Reform. Oasis has expertise in all areas of the legislation, including determining employee count, and can help your business navigate through the various provisions.
Interested in learning more about Oasis? Contact us at 866-AT-OASIS (866-286-2747) or Request a Consultation.