Under the Affordable Care Act, applicable large employers (ALE) are required to provide minimum essential coverage to 95% of their full-time or full-time equivalent employees. If you fail to do so, 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.
Minimum essential coverage, also known as Obamacare, is designed to give coverage to those who need it most. However, there is quite a bit of confusion surrounding what minimum essential coverage actually covers for patients with this healthcare. MEC was designed to provide patients with 10 essential benefits. So what exactly are these essential health benefits?
While you’ve likely heard of Obamacare, you may not know Obamacare is the same thing as the Affordable Care Act. This healthcare law that passed in 2010, goes by a few different names. You may also see this law referenced as the PPACA or the ACA (the acronym Affordable Care Act).
Minimum Essential Coverage was created when the Affordable Care Act was enacted. Before the Affordable Care Act began, people who already had medical conditions or had used too much medical care in the past were able to be denied coverage by insurers. Minimum Essential Coverage ensures that all ACA-compliant health care plans offer insurance to all enrollees regardless of health status or which plan they select. What exactly does minimum essential coverage entail?
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