The Department of the Treasury announced changes in the implementation of the Affordable Care Act (ACA) also known as Obama’s national health care plan.
The changes apply to the employer mandate penalties and related reporting requirements. They delay implementation for one year, until January 1 of 2015. The Treasury has postponed the rules due to many concerns about the complexity of the requirements and the need for more time to implement them effectively.
Joe Henehan of the Henehan Company, a prominent Inland Empire benefits firm stated “we are working overtime to help clients understand the changes required in implementation and reporting requirements for businesses. This will allow a small breather, but in some cases the requirements on employers are so complicated that we see no let down in our pace, and the individual mandates have not changed.”
The Treasury will be issuing more information on the delay and additional regulations within the coming week, as well as reporting requirements, which are found in Internal Revenue Code Sections 6055 and 6056. Pushing back the deadline also gives the administration more time to develop comprehensive details on the mandate.
The delay does not impact any other provisions of the ACA, including the premium subsidies available to certain individuals who purchase health coverage through an Exchange.
InlandEmpire.US Staff Report