New ObamaCare rules just handed down by the IRS could make you the target of a $100 dollars a day fine ($36,500 yearly).
This obscure new ObamaCare regulation and fine was released by the IRS two weeks ago and basically says if you collapse your health insurance plan and move your employees to the exchange and the IRS determines it was done intentionally to eliminate group coverage, you could be subject to the $36,500 penalty.
Quoting President Obama regarding the reason for this regulation, “ I don’t think that an employer-based system is going to be, or should be, replaced anytime soon.” The fear of the Obama Administration is that employers will dump their group policies and try to move their employees to the exchange.
A critical part of this ruling forbids employees from using remuneration by employers for the purpose of purchasing health insurance either on the exchange or in the open marketplace, debunking the idea that you could add $350 or $400 to your employee’s paycheck and they could then go and buy a health insurance policy on or off the exchange.
It’s imperative to note that the IRS will be looking to make examples out of employers who make the mistake of shutting down their health insurance policies and dumping their employees into exchange or non-exchange policies.
Richard K Lindquist, the president of Zane Benefits says, “The I.R.S. is going out of its way to keep employers in the group insurance market and to reduce the incentives for them to drop coverage.”
America’s Healthcare Advocate