July 3rd, 2014 – The federal government is giving businesses more time to prepare for the Employer Mandate under the Affordable Care Act (ACA).
Companies with 50 or more full-time employees will face fines of up to $3,000 per employee if they don’t offer their employees affordable health insurance. However, now this “employer mandate” under the ACA won’t be enforced until 2015.
The delay gives government more time to adapt health coverage and reporting systems while employers are moving forward with offering affordable coverage to their employees. Critics say that it is unfair that businesses get a delay while there is no delay in the individual mandate that most Americans must have health insurance in 2014 or face penalties.
The provision only applies to employers who have 50 or more employees and some estimates say that 94 percent of those already offer health insurance to employees.
On a separate note, Colorado Health Insurance Brokers wishes you and your loved ones a happy and safe 4th of July!!