Most employers provide long term health insurance plans for employees and their families. The Affordable Care Act (ACA) requires companies with more than a certain number of employees to offer group health insurance. The ACA also requires a minimum percentage of employees covered by a group plan.
Businesses with more than 50 full-time employees must offer health coverage to their workers. The ACA counts any employee working an average of 30 or more hours a week as a full-time employee. Companies have the option to provide healthcare coverage to their part-time workers.
If your company has more than the minimum number, it must provide coverage for 95 percent of its full-time employees. Coverage must also extend to their families, including their spouses and dependents.
Businesses look into affordable health insurance companies to provide plans to their full-time employees.
On average, employers pay for 82 percent of each employee’s premium amount. However, they typically cover a smaller portion of workers’ family plans. For example:
- If your monthly premium is $200 for your sole coverage, your employer might pay around $164 while you cover the remaining $36 each month.
- If your monthly premium is $500 for your family’s coverage, your employer might pay around $350 – or 70 percent – while you pay the remaining $150.
- If you work for a smaller company, the percentage your employer covers could be less. Likewise, small businesses may only pay for your premium, as the employee, but not the premiums for your spouses or dependents.
You can purchase coverage, often at a reduced price, if you are self-employed or work part-time.