Last week, specifically on July 3, 2013, the United States Department of the Treasury made an announcement that the mandates requiring certain employers to provide health coverage to their employees or face monetary fines has been postponed until 2015.
What does this mean? Simply put it means employers have one more year. Full implementation and rollout has been delayed from January 1, 2014 until January 1, 2015.
Still asking yourself what that means? Briefly summarized it means that employers with 50 or more full time equivalent employees will not be mandated and required to provide health benefit coverage for their full time employees (or face a monetary fine), quite yet. Employers and Insurer reporting requirements have been granted an additional year for implementation.
Employers are still being encouraged to move forward with implementation in 2014, so as to allow for a smoother transition in 2015. Mark Mazur, assistant secretary for tax policy at the Treasury Department said “ During this 2014 transition period, we strongly encourage employers to maintain or expand health coverage.”
What is still on the table and moving forward? The individual mandates, requiring all individuals to secure a health insurance policy or face penalty in 2014. Exchanges are still set to take effect for an October 2013 open enrollment period for benefit year coverage period starting January 1, 2014. The White House stated “ We are on target to open the Health Insurance Marketplace on October 1…”.
The Health Care Reform Guidelines – Affordable Care Act are explained in a 2000+ page summary. It is a very complex and detailed policy. Make sure your Human Resources Department are up to date on these new changes and timeline. Questioning what some of the new deadlines mean for you and your business? Speak with your Benefits Administrators and ask them to further explain what this means for your organization. Educate yourself and your team on the new policies and requirements to help ensure that by 2015, you will be where you need to be.