Workforce Tip of the Week, sponsored by Spectrum Employee Services: Updates to the 2021 ACA standards

The Affordable Care Act’s employer shared responsibility provision requires large employers to offer health coverage to their full-time employees or face a potential penalty. This affects large employers with 50+ full-time or full-time equivalent employees. Moving into 2021, the affordability percentage will be changing from 9.78 percent to 9.83 percent. Although the change is minor, it means that employers may need to increase their plan’s employee-only contribution rate to meet the affordability standard next year. To learn more about how The Affordable Care Act standards affect employers, check out our Blog.