Using This Calculator*
- Full-Time Employees: Count any employee who works +120 hours per month
- Average Hourly Wage: If needed, you can convert salaries to hourly wages
- Employees Insured: Estimated enrollment by your employees. Keep in mind that while offering coverage is required, many employees don’t enroll in employer-provided coverage (because they’re covered through a spouse or parent, or because they still consider the coverage unaffordable)
*For illustrative purposes only
Money Vs. Morale
When it comes to the Affordable Care Act (ACA), are you thinking in terms of morale–or just money? An estimated 38 percent of employees would consider leaving a job because of non-competitive benefits and compensation, and 58 percent of employees who were considering leaving their jobs would be motivated to stay by improved benefits.
But what about the expense of Obamacare-mandated, employer-paid health insurance premiums? Keep in mind that while Obamacare requires Applicable Large Employers (or ALEs) to offer insurance, it’s unlikely that all of your employees will take you up on it (e.g., because of insurance through a partner or relative). In 2015, 75 percent of employees elected employer-offered coverage2; the percentage of millennials was even lower, at 44 percent3).