Determine if your health plan meets the requirements of minimum value
According to the rules of Shared Responsibility, if a plan covers at least 60% of the total allowed cost of the benefits provided (including co-pays and deductibles), it is considered to be of minimum value.
To assist employer and their brokers to determine the plan coverage value, the Department of Health and Human Services will release a calculator tool. Currently it is in excel spread sheet form but there will be a newer version coming out later this year. A copy of this spreadsheet has been attached to this help document.
More information on the topic of minimum value can be found in the IRS document "Minimum Value of an Employer-Sponsored Health Plan". Onpay works with top providers to offer an array of health plan options for small businesses. Learn more.