Another key provision of the law, commonly referred to as the Employer Mandate, requires all large employers to offer health care coverage to employees who work at least 30 hours a week or 130 hours per month on average and is both affordable and meets minimum value requirements or pay penalties. Wake’s Value Employee Only Plan is both affordable and meets minimum essential value.
- Large Employer: An employer that has at least 50 full-time employees.
- Full-time Employee: Any employee that works at least 30 hours per week, on average, throughout the year regardless of the number of jobs they have on the Reynolda Campus; this includes faculty, staff, part-time faculty and staff, adjuncts, temporary staff, working retirees, and students.
- Affordable Coverage: Premiums for employee only medical plan coverage must not exceed 9.5% of employee’s compensation.
- Minimum Essential Value: The Medical Plan must pay at least 60% of cost of benefits.
Requirements for the University effective July 1, 2015:
- Track all hours worked for all employees (faculty, staff, part-time faculty and staff, adjuncts, temporary staff, working retirees, and students).
- Offer medical coverage to any employee who averages 30 or more hours of service per week, or 130 or more hours per month either: (1) from the date of hire, as determined by Wake Forest based on the position; (2) after a change in employment status; or (3) during an applicable prior measurement period.