OBAMACARE DELAY
In an unexpected, but welcome, announcement late Tuesday afternoon, July 2nd, Assistant Treasury Secretary Mark Mazur announced the Obama Administration has provided a one-year break to employers who were supposed to start offering health insurance to their workers January 1, 2014.
The 2010 law required employers with 50 or more employees to provide health insurance as of January 1, 2014 or pay a "shared responsibility penalty" ---something small businesses have been complaining about, loudly, for years. The Tuesday announcement said they can have more time to get it done. This will also allow the Administration the opportunity to "spend the extra year finding ways to simplify the process". Also, "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".
This most welcomed announcement promised that within the next week, formal guidance will be published describing this transition.
It is currently unclear what other provisions of the "Affordable Care Act" may be impacted by this development. Be assured that RGL Consultants will closely monitor these developments and will report to you as soon as practical once we digest forthcoming guidance.
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