July 2013 – The Department of Treasury announced yesterday that it would delay by one year the Affordable Care Act requirement that large employers provide health insurance to their full-time employees. This means businesses will not be penalized in 2014 if they do not provide employees with health insurance.
The announcement also delayed by one year certain reporting requirements applicable to insurers, self-insured plans and employers. The Treasury Department indicated that the extension was necessary because the information reporting requirements were complex and needed to be simplified.
The delay leaves several unanswered questions. The Treasury Department indicated that it would issue formal guidance regarding the transition within the next week.
If you have any questions or would like additional information, please contact Ulmer & Berne LLP.