The Treasury Department has confirmed that the 2014 mandate for a large employer with 50 or more full-time workers has been delayed until 2015. This means that employers will not be subject to Federal penalties for not providing qualified health insurance in 2014. The Affordable Care Act requires that all employers with 50 or more full-time workers provide health insurance or face potential penalties. This delays enforcement of the employer Mandate until 2015. The Treasury Department states this will help meet two goals:
- Allow time to simplify the new reporting requirements.
- Provide time to adapt health coverage and reporting systems The Merriam Agency will continue to keep you informed as changes and requirements come to us regarding the Patient Protective Affordable Care Act.
Pros & Cons
Based on my 30+ years of understanding the insurance industry, I believe that the Affordable Care Act (aka “Obamacare”) is fatally flawed legislation that will bring great harm to businesses and individuals as it becomes fully implemented. Many of the problems with it were the impetus that caused the current Administration to delay its implementation for larger employers for an additional year.
Brian H. Merriam CPCU, ARM, AAI
(877) MERRIAM, extension 201