Health Care Law
Some Affordable Care Act Provisions Put On Hold.
EMPLOYER PAYROLL NEWS: Some ObamaCare Provisions scheduled for January 1, 2014 put on Hold by Administration.
The Obama administration is implementing a one-year moratorium for employers who were supposed to start offering health insurance to their workers next year under the Affordable Care Act (ACA), also known as ObamaCare.
The 2010 ACA (health reform law) required anyone with 50 or more workers to provide health insurance – something small businesses have been complaining about for years. Today administration officials said employers could have more time to get it done.
Saying the goal is to implement reform in “a careful, thoughtful manner”, assistant Treasury secretary Mark Mazur said the administration would spend an extra year finding ways to simplify the process; adding, “…it will provide time to adapt health coverage and reporting systems while employers are moving toward making health coverage affordable and accessible for their employees. Within the next week, we (the administration) will publish formal guidance describing this transition.”
January 2014 was the scheduled effective date for many of the biggest provisions of ACA, including health insurance exchanges, where people who don’t have insurance, or who don’t like their current coverage, can purchase it. Many of these people may qualify for a government subsidy to help them pay for the exchange based coverage.
It is anticipated that this moratorium will also change, if not negate, certain health insurance and payroll (premium) reporting requirements, otherwise scheduled as part of the 2013 year-end tax reporting process. Intuitive Accountant will strive to keep you advised concerning any changes to these provisions.