Employers’ Penalty For Failure To Provide Healthcare Coverage Delayed Until 2015
On July, 2, 2013, President Obama’s administration announced a one-year delay in the implementation of the Patient Protection and Affordable Care Act’s mandate for employers that was set to take effect in 2014. Beginning on January 1, 2015 (and not in 2014), “large” employers – those that employ more than “50 full-time equivalent employees” – will be penalized if one or more of their full-time employees obtain health insurance coverage through an exchange, which is a state-established marketplace that offers qualifying individuals and employers a choice of healthcare plans that meet coverage standards.
To determine whether they are subject to the Affordable Care Act’s penalties, employers should consult with their accountants, attorneys, and, if applicable, health insurance providers, to weigh their potential liability with their business needs and goals.
If you need help with any employment issues, contact Laura A. Balson, (312)696-1351, firstname.lastname@example.org or Margaret A. Gisch, (312)696-2039, email@example.com.