We should all know that the employer mandate of the Affordable Care Act (ACA) has been delayed one year. To many, that means it has slipped far down the priority list. However, stay tuned in so you are prepared for the impending implementation.
New proposals have been released from the White House that would help the government enforce this tricky mandate. ACA information reporting requirements lead to the delay of the mandate so it has been the Treasury’s focus in recent days to simplify this employer burden. Hopefully the goal is to lessen the “bureaucratic red tap” on businesses as they track and report employees’ income and benefits to either comply with the law or get slapped with a hefty fine. The Department of Treasury would like to streamline the process for employers since the information they report to the government is critical to enforcing the central requirement that almost all Americans have adequate insurance coverage by January 1st. Despite the delay, the administration still hopes businesses will begin to voluntarily report information next year to aid a smooth transition in 2015.
As with much of the ACA, we will have to see where the pieces fall. For answers to your questions call Storz Insurance Services, Inc at (408) 395-3303 or email here.