Last week, the Obama Administration announced a delay in an important aspect of the Affordable Care Act. Certain penalties in place for employers with 50 or more employees will be delayed from their scheduled start date of January 1st 2014. These penalties will likely go into effect January 1st of 2015 after the administration has time to simplify the reporting requirements.
Business owners should be careful not to assume all aspects of the Affordable Care Act have been delayed. There are still some new aspects set to be implemented in October of 2013 and January of 2014. These aspects include the individual health insurance mandate, the creation of health insurance exchanges, certain required disclosures by employers and more.
While the postponement announced last week gives businesses a delay from some potential penalties, it does not mean the entire Affordable Care Act has been put on hold. Business Owners should still take the Affordable Care Act very seriously and make sure they are taking measures to plan accordingly.
For further information on how the Affordable Care Act will affect your business, please reach out to us at email@example.com or 978-998-6896.