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Business Owners Get Extra Year To Provide Health Insurance Under Obamacare

There is some news on the Obamacare front in regards to business owners providing health insurance to their employees.

It looks like business owners in the Bay Area (and beyond) will have one more year until they have to provide health insurance for their employees.

Check out the two links below to learn more.

extension on Affordable Care Act for businesses

Employers get an extra year to provide health insurance – NBCNews.com

“The Obama administration has offered a one-year break to employers who were supposed to start offering health insurance to their workers next year.

“The 2010 health reform law required anyone with 50 or more workers to provide health insurance – something small businesses have been complaining about, loudly, for years. On Tuesday the government said they could have more time to get it done.

“Saying the goal is to implement reform in ‘a careful, thoughtful manner’, assistant Treasury secretary Mark Mazur said the administration would spend the extra year finding ways to simplify the process.”

Click here to continue reading on NBCNews.com…

 

Continuing to Implement the ACA in a Careful, Thoughtful Manner by Mark J. Mazur (U.S. Department of the Treasury)

“Over the past several months, the Administration has been engaging in a dialogue with businesses – many of which already provide health coverage for their workers – about the new employer and insurer reporting requirements under the Affordable Care Act (ACA). We have heard concerns about the complexity of the requirements and the need for more time to implement them effectively.  We recognize that the vast majority of businesses that will need to do this reporting already provide health insurance to their workers, and we want to make sure it is easy for others to do so.  We have listened to your feedback.  And we are taking action.  

“The Administration is announcing that it will provide an additional year before the ACA mandatory employer and insurer reporting requirements begin.  This is designed to meet two goals.  First, it will allow us to consider ways to simplify the new reporting requirements consistent with the law.  Second, it will provide time to adapt health coverage and reporting systems while employers are moving toward making health coverage affordable and accessible for their employees.  Within the next week, we will publish formal guidance describing this transition.  Just like the Administration’s effort to turn the initial 21-page application for health insurance into a three-page application, we are working hard to adapt and to be flexible about reporting requirements as we implement the law.”

Click here to continue reading on Treasury.gov…

 

Photo by  clevercupcakes

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