July 09, 2013
ACA update: buying a year
As you’re aware, the Treasury Department announced that the employer penalty provisions of Health Care Reform law, slated for January 1, 2014, are now delayed until 2015. Intended to give administration officials more time to simplify requirements, the delay will allow employers more time to put systems into place to properly track and report covered employees – and provide information about health benefits offered to full-time employees.
While the delay applies to the reporting requirement under the law, it also extends to the employer-shared responsibility requirement known as ‘Pay or Play’, which stipulates that employers with 50+ workers are required to provide health coverage or pay a penalty. These ACA requirements were scheduled to take effect on January 1, 2014, for plan years beginning on or after January 1, 2014.
While healthcare coverage premium rates are expected to increase next year, the delay on “Pay or Play” is welcome news in that it gives employers an extra year to prepare. If you are a Chamber member and you’re not using our Humana ChamberHealth product, you may want to lock into the 2-4% discount now. Get more information at cincinnatichamber.com/chamberhealth, watch for information about upcoming Health Care Reform seminars or phone Kimberly Eppert at 513.579.3111.
As the Chamber continues to lobby on behalf of its 5,000 members for effective health care reform, tell us what you think, login to your Chamber account to opt in to the Government Affairs Update e-newsletter or connect with Matt Davis, VP, Government Affairs via twitter at @mattdavis1012 for guidance on the issues key to your business.