Minimum Value Plan (MVP)
As an employer, you can offer a self-funded ERISA MVP, that is 100% ACA compliant, and meets minimum value required by law. This offer of benefits gives your employee’s the opportunity to enroll in an eligible employer-sponsored plan, or to decline coverage.
The total monthly premium for the MVP is 9.66% per individual employee’s monthly gross income, and $620 per dependent per month. Please note that this offer of coverage DOES NOT extend to the employee’s spouse. This offer of coverage is made to eligible employees and dependents as mandated by the ACA.
The MVP has a deductible of $6,550 per enrollee per year and a maximum out-of-pocket of $13,100 per family. This offer of coverage was made to your employees as an adequate notice and representation of the offer of coverage.
Employee’s will have fifteen (15) days during your company’s set open enrollment to enroll in the employer sponsored plan. There are NO conditions on this offer of coverage.
MVP is affordable under the Affordable Care Act with the employee’s portion of MVP premium totaling 9.66% of a monthly amount determined as the federal poverty level for a single individual for the applicable calendar year, divided by 12. This amount could increase each year according to the federal poverty scale.
To Learn More About Enrolling in the MVP Please Call: 800-407-5772