Tuesday, July 16, 2013

Employer Mandate Under Affordable Care Act Postponed to 2015

The federal government announced on July 2nd that it will delay the implementation of the employer mandate penalties (also referred to as "Play or Pay") and reporting requirements until 2015.
Leading up to 2015, the Obama Administration intends to simplify two requirements under the Affordable Care Act: Informational reporting under Sections 6055 and 6056 of the IRS.
Section 6055 reporting is required of insurers and self-insured plans. Section 6056 reporting is generally applied to some large employer groups with respect to the health coverage offered to their full-time employees. Employers are encouraged to implement these new requirements on a voluntary basis in 2014 in preparation for 2015.

Additional guidance on these two requirements is expected to be communicated later this summer.

Click here to view the Legal eBlast from Benefit Advisors Network.

Senn Dunn has been a BAN partner since 2012.

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