Insurance and other benefits — South Carolina Templates
Health and life insurance requirements
Employers currently are not required by law to provide their employees with health or life insurance, but certain employers may be fined for not doing so under the Patient Protection and Affordable Care Act (ACA), which was signed into law on March 23, 2010. Employers need to contact counsel or someone familiar with the intricacies of ACA to make sure they are in compliance. Employers that do provide health insurance benefits must report the cost of employer-provided health coverage on the employees’ W-2s.
In addition, employers must provide employees with a summary of their benefits and coverage at the time of enrollment, upon renewal, and within seven days of any request by an employee. In 2014, employers with 50 or more full time employees (including full time equivalent employees) must offer full time employees and their dependents “qualified health insurance coverage” that meets the affordability and value requirements specified by ACA.
Under the Tax Cuts and Jobs Act of 2017 (TCJA) certain penalties, such as the individual mandate, will be eliminated beginning with taxes being filed in 2019. Employers and employees should have those issues reviewed by their accountants.
Please call us at (312) 960-9400 if this is an error or if you have any questions.