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Member, Beacon International Group, Ltd.
Employers who do not offer health care coverage in 2016 will be hit with a $2,160 penalty for each full-time employee, up from $2,080 this year, the IRS disclosed Friday.
In addition, the penalty for offering coverage in which the share of the premium the employee pays for single coverage exceeds 9.5% of household income will increase to $3,240 for each affected employee, up from $3,120 in 2015.
The higher penalties are tied to annual increases in health premiums.
The penalties — often known as the employer mandate — are a key part of the Affordable Care Act and are intended to encourage employers to offer affordable coverage.