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To our policyholders in areas affected by the recent hurricanes, please know that the thoughts and prayers of everyone at Aflac are with you. We are working with government agencies that represent all declared disaster areas to ensure we do everything possible to help you. Based on that guidance, we have extended the due dates for policy premiums by 60 days for those living in places that have been declared disaster areas. If you have a question about your policy or need help, contact us at 800-992-3522. To help with the recovery, Aflac made a $500,000 donation to the American Red Cross, and our employees are making their own private contributions. Please be safe, as the care of you and your families is paramount.
For employers with 50 or more FTEs, major medical insurance must be offered to all full-time employees and their dependents. This includes employees who work 30 hours of service or more per week and their dependents up to age 26. Hours of service include hours worked and hours that an employee is paid but does not work, such as vacation, holiday, illness or disability, jury duty and military duty.
When it comes to benefits requirements, keep the following in mind:
The employee portion of the premium for self-only coverage must be less than 9.5 percent of the employee’s W-2 income.
Minimum value requirements
The health plan must cover at least 60 percent of the total allowed cost of benefits.
Employers are required to provide notice about health insurance marketplaces to all new employees within 14 days of hire. Learn more
Benefits waiting periods
Keep enrollment waiting periods to 90 days or less.
Summary of benefits and coverage
If your company offers major medical insurance benefits to its workforce, a summary of benefits and coverage must be provided to all major medical insurance applicants and enrollees before benefits enrollment or re-enrollment. The SBC must provide an accurate description of the benefits and coverage under the applicable plan or coverage.
Employers are responsible for keeping detailed records of employment status and hours worked by their employees. Tracking involves important details for full- and part-time employees issued by the federal government, including measurement periods and reassessment.
If your company offers a group health plan, exiting employees must receive a COBRA notification that includes information about health insurance marketplaces. Learn more
$7,150 – individual coverage
$14,300 – family coverage
$6,550 – individual coverage (no change from 2016)
$13,100 – family coverage
$3,400 – individual
$6,750 – family
$1,300 – individual coverage
$2,600 – family coverage
*Catch-up contributions up to $1,000 can be made any time during the year in which the health savings account participant turns 55.
Make Aflac part of your benefits package today. Contact your agent or contact Aflac today.
This material is intended to provide general information about an evolving topic and does not constitute legal, tax or accounting advice regarding any specific situation. Aflac cannot anticipate all the facts that a particular employer or individual will have to consider in the benefits decision-making process. We strongly encourage readers to discuss their HCR situations with their advisors to determine the actions they need to take or to visit healthcare.gov (which may also be contacted at 1-800-318-2596) for additional information.
Coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York.