09 Jul The ACA penalties are postponed. What now?
The ACA penalties are postponed. What now?
The Affordable Care Act (ACA) employer mandate and tax penalties have been officially postponed until 2015.
But what does this mean for you and your employees?
The ACA employer mandate will into effect later, and now you have longer to prepare your company.
But what else does this affect? Are any other rules and penalties postponed? Will employees still be required to get insurance or are they off the hook for now?
The delay does not affect any other provisions of the ACA:
- Individuals must still have coverage or face penalties.
- Additional charges for pre-existing conditions discontinue in 2014.
- State or Federal Marketplaces (exchanges) will be functional.
Employers now have additional time to:
- Decide if they are going to Pay or Play.
- Make their current program comply with ACA regulations.
- Understand the reporting obligations.
- Get all the facts about the ACA and make decisions.
Worried about how this will affect you company? Do you still have more questions than answers?
The Barrow Group, LLC has friendly reform specialists here to help you navigate the tricky reforms and avoid additional penalties, so you can focus on turning a profit.