ACA Update: Employer Penalties Delayed

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Late Tuesday afternoon, July 2, the White House announced a major delay in the implementation of the Affordable Care Act. The employer penalties for not offering affordable health care coverage to full-time employees are being delayed until 2015. The administration has promised more detailed information on the delay within the week.

The employer penalties and the subsidies available to low and moderate income individuals through the exchanges are interconnected; both are tied to several new employer reporting requirements, the details of which have yet to be ironed out. The administration has said that they will use this time to simplify the reporting process for employers. The delay will also give employers more time to implement the Act’s many requirements.

For now, the plan is to move forward with the health insurance exchanges and the available subsidies. The administration has indicated that this delay will not interfere with an individual’s ability to purchase insurance or to receive a subsidy through an exchange starting October 1, 2013. We will continue to update as more information becomes available.

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Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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