Sofi Insurance Services Helps Small Employers Provide Employee Insurance Plans under the Affordable Care Act

LOS ANGELES, July 12, 2013 /PRNewswire/ -- The Affordable Care Act is revolutionizing the insurance industry and the way people purchase insurance coverage. Most Americans will be required to have adequate health coverage either through individual insurance plans or through employer-sponsored insurance. Employers who fail to offer adequate coverage may be facing stiff penalties. Sofi Insurance Services is offering comprehensive insurance services that can help small employers provide employee insurance plans that are in compliance with the Affordable Care Act.

Any Health Care Reform insurance provider will be required to offer certain minimum benefits, which are also known as essential health benefits. Essential health benefits include outpatient services, office visits, preventative and wellness services, emergency care, hospitalization, prescription medications, maternity care, newborn care, lab services and pediatric services. Although the law specifies that coverage must be offered for each of these benefits, it is less specific about the amount, scope or duration of benefits that must be offered.

Failing to offer appropriate coverage through an Affordable Care Reform Act insurance provider could result in a business facing tax penalties. Businesses with more than 50 full-time equivalent employees will be fined $2,000 per employee for not providing at least 60 percent of the actuarial value of benefits. Employer-sponsored plans that exceed 9.5 percent of employees' household income will result in fines of $3,000 per employee who purchase coverage through the exchange or $2,000 per employee. Businesses with fewer than 50 full-time equivalent employees are exempt from the penalties but will be eligible for tax credits that can help them purchase coverage.

Small businesses, or those with fewer than 25 full-time employees and average wages below $50,000, may also be eligible for tax credits. These credits are designed to provide relief for employers that offer qualified coverage to their employees. To qualify for the credits, a small business must obtain plans from an Obama Health Care insurance provider. Credits may be worth up to 50 percent of the employers' costs for premiums.

Sofi Insurance Services is an insurance agency that offers comprehensive information and access to a wide range of coverage options, including life insurance, dental insurance, student insurance, and individual health insurance.

Contact

Sofi Insurance Services

16661 Ventura Blvd. Suite 700

San Fernando Valley, CA 91436

Phone: (800) 636-7707

Website: http://www.lahealthcoverage.com

Facebook: https://www.facebook.com/sofiainsurance

Twitter: https://twitter.com/SofiInsurance

SOURCE Sofi Insurance Services