Employer Mandate
Employers who have more than 50 or more full-time equivalent employees must offer benefits that pays for 60% of the minimum essential benefits, as established by the ACA, or face a potential penalty.
The penalty applies when you have 50 or more full-time equivalent employees, and do not offer health coverage to at least 95% of those employees, and, or at least one employee receives a premium tax credit/cost sharing subsidy in the exchange. The tax penalty is $2,970 (2024) and $2,880 (2023) annually multiplied by the number of full-time employees (excluding the first 30 employees).
Individual Mandate
Currently, most people are not required to purchase health insurance. The ACA “shared responsibility payment” and the individual mandate has been eliminated by the Trump Administration for 2019 and beyond. However, some states have established their own individual mandates, so you still may be subject to your specific state tax penalty, if any. Texas does NOT currently have an individual mandate.