Employers Given One-Year Extension on ACA Health Coverage

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The Obama administration has announced that it will provide an additional year - until 2015 - before the Affordable Care Act (ACA) mandatory employer and insurer reporting requirements begin. Likewise, businesses will be provided an additional year - again, until 2015 - before they are required to provide health care coverage to employees or pay penalties under the ACA. According to the administration, this extension is designed to meet two goals. First, it will allow time to consider ways to simplify the new reporting requirements consistent with the law. Second, it will provide time to adapt health care coverage and reporting systems while employers are moving toward making such coverage affordable and accessible for their employees. The administration has promised to publish formal guidance describing how the transition to the new 2015 deadlines will work. This change does not affect any tax or other credits available under the ACA (or any other substantive provision of the ACA).

 

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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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