The tools are designed to aid employers in examining the pros and cons of offering health care coverage versus paying penalties for not offering such coverage.
Unum’s new decision tools include:
- Pay or play interactive tool: Employers can enter their employee information to find out whether they may be subject to the employer mandate and what penalties they may face;
- Pay or play decision tree: Employers can see the elements that make up the “pay or play” decision; and
- Employer responsibility timeline: This walks employers through their health care reform decisions from 2014 to 2018.
Under the Patient Protection and Affordable Care Act (ACA), employers with 100 or more employees must make the health care “pay or play” decision in time for employees to begin receiving coverage in 2015. Employers with 50 to 99 employees are exempt from the mandate until 2016 (see “Treasury Modifies Rules for ACA Employer Mandate”).
More information from Unum about health care reform and its impact on employers, employees and the benefits industry can be found at http://www.unum.com/HealthCareReform.