Why is Offering MEC Benefits More Affordable Than Not?
The Affordable Care Act (ACA) was created in 2010. It was designed to ensure healthcare is affordable and available to more people. Under the ACA regulations, applicable large employers (ALE) are required to provide minimum essential coverage to 95% of their full-time or full-time equivalent employees (someone who works at least 30 hours per week). Companies who qualify as ALE have at least about 50 full time employees in a calendar year.
If you fail to provide minimum essential coverage to 95% of your full-time employees, your company will be subject to various penalties that could cost you! If you do a cost-benefit analysis, investing in MEC for your employees can save you millions, while also increasing employee engagement. Investing in our ACA compliant Minimum Essential Coverage (MEC) saves you money AND helps you hire and retain top talent in your company.
With 60% of employees vocalizing the importance of offering employee benefits when accepting a job opportunity, it’s important to understand the value benefits bring to your company. Read more on how benefits help employee retention here.
To help you see how much you actually save by providing our MEC benefits to your employees, we’ve broken down what you would pay in penalties by opting out of paying ACA-compliant benefits compared to our ACA-compliant MEC Benefit plan. Try out our functioning calculator below to see custom approximations for your business size.
For a company with 100 employees, providing our MEC Benefits plan can save you $187,820.39 a month, which calculates to over two million dollars in savings in one fiscal year. Reach out to our team of brokers to learn more about our benefits packages that work best for you and your company.