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ACA Employer Mandate Penalty Postponed Until 2015
On July 2, the Obama administration announced the employer mandate portion of the Affordable Care Act (ACA) (Public Law 111-148) will be delayed one year, until Jan. 1, 2015. The White House says it will use that time to simplify and streamline the reporting process, while allowing businesses more time to understand and plan for the implementation of the mandate.
The postponed provision requires businesses with 50 or more “full-time equivalent” employees to offer “affordable,” “minimum essential” health coverage to individuals working more than 30 hours per week, or be subject to tax penalties.
Meanwhile, enrollment in the health insurance marketplace will still be available starting Oct. 1, 2013, though it remains unclear who will be eligible for government subsidies on plans as employers will not yet be required to report their coverage. The individual mandate, which requires most Americans to have insurance to avoid a tax penalty, will also begin on the original date, Jan. 1, 2014.
Stay tuned to AED for updates about the implementation of this significant health care law.
Article Date: 2013-07-08
Source: Associated Equipment Distributors
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