Healthcare is a nationwide issue that has been in the news for the past few years. It affects all Americans in all economic situations. Both employers and employees have alot at stake with the new laws. There have been recent updates that were published by The National Conference of State Legislatures that may affect you as a business owner or employee. These substantive policy changes have an impact on states and employers in every region. Read below and contact Liberty Run Benefits for how we can set you and your business with a benefits plan that is affordable and fits your needs.
Large Employer mandate to offer health coverage delayed until 2015
On July 2, 2013, the Obama Administration announced that the ACA statutory requirement that large employers with 50 or more full-time equivalent employees will have to offer health insurance or coverage, has been pushed back one year, from the original Jan. 1, 2014, now to Jan. 1, 2015.
Employers with under 100 workers given until 2016 to offer coverage. On Feb. 10, 2014, the Treasury Department extended by one year the requirement that employers with between 50-99 workers meet the mandate to offer health insurance, a category that includes about seven percent of the private workforce. The new rules also will require 70 percent of workers to be covered in that first year.
How the policy affects employers:
Small Businesses with fewer than 50 employees: (about 96% of all employers): Under the Affordable Care Act, companies that have fewer than 50 employees are not required to provide coverage or fill out any forms in 2015, or in any year, under the Affordable Care Act.
Larger employers with 100 or more employees (about 2% of employers): The overwhelming majority of these companies with 100 or more employees already offer quality coverage. Today’s rules phase in the percentage of full-time workers that employers need to offer coverage to from 70 percent in 2015 to 95 percent in 2016 and beyond. Employers in this category that do not meet these standards will make an employer responsibility payment for 2015.
Employers with 50 to 99 employees (about 2% of employers): Companies with 50-99 employees that do not yet provide quality, affordable health insurance to their full-time workers will report on their workers and coverage in 2015, but have until 2016 before any employer responsibility payments could apply.