Employer Pay or Play Penalty Delayed to 2015
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The #Employer Pay or Play Penalty implementation has been delayed until 2015. The Treasury Department announced today they were listening to employers who had asked for more time to comply with the #Affordable Care Act. #Obamacare
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Employer Pay or Play Penalty Delayed to 2015
- 1. Employer Pay or Play Penalty Delay January 1, 2015 Individual Mandate Penalty Still April 1, 2014 New Delay Announced under the Affordable Care Act
- 2. Employers will have more time to Offer or not offer health coverage Select Insurance Plan(s) Develop pricing and implementation strategy Test to minimize possible future penalty under Pay or Play
- 3. No Delay for Employers Health Plans must still meet all other requirements such as 90 day waiting periods and no pre-existing condition clauses Notification requirements such as Summary Benefits Coverage (SBC) and Exchange Availability Notice
- 4. Honor System for Individuals IRS won’t be able to determine if the employee has affordable and minimum value health care coverage Indications are that individuals will also self-attest to income for 2014 to get subsidy and verification may be difficult
- 5. Lack of Reporting from Employer and Individual Self- Reporting May lead to some individuals getting a premium tax credit when they are not eligible
- 6. Impact to Individuals Could lead to a tax liability when they file their taxes at the end of 2014 and/or disenrollment from the plan they have selected in 2015
- 7. Impact to Employers State Exchanges may want to verify employer coverage directly instead of accepting individuals’ word Employees will want to know what to do Employees on exchange in 2014 could trigger $3,000 penalty in 2015 if they remain in the exchange.
- 8. What can an Employer do to reduce the confusion?
- 9. Communicate Now Is our plan considered affordable? It is, so you should answer yes to the question on employer coverage
- 10. Consider Using Exchange Notice Due on October 1, 2014 We will not offer health insurance in 2014 We will offer affordable and minimum value health insurance in 2014 To High-Light type of Health Insurance that will be available in 2014
- 11. The Best News for Employers is there will be more time to get it right without a penalty
- 12. If you found this information valuable, then please pass it on! Thank you! www.bclsystems.net