OBAMACAREWASHINGTON, D.C. (7/3/13) – Employers and insurance companies are celebrating today as the Obama Administration “blinked” on the implementation of the Patient Protection and Affordable Care Act also known as “ObamaCare” or the “ACA”. The implementation of ACA has not met goals; and, under an increasing groundswell of opposition to ACA, the Obama Administration opted to delay the penalty phase for employers with over 50 employees until after the November elections. The penalties have been delayed until sometime in 2015.

The following is a press release issued by Mark J. Mazur, Department of Treasury:

Continuing to Implement the ACA in a Careful, Thoughtful Manner
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.
Here is some additional detail. The ACA includes information reporting (under section 6055) by insurers, self-insuring employers, and other parties that provide health coverage. It also requires information reporting (under section 6056) by certain employers with respect to the health coverage offered to their full-time employees. We expect to publish proposed rules implementing these provisions this summer, after a dialogue with stakeholders - including those responsible employers that already provide their full-time work force with coverage far exceeding the minimum employer shared responsibility requirements - in an effort to minimize the reporting, consistent with effective implementation of the law.
Once these rules have been issued, the Administration will work with employers, insurers, and other reporting entities to strongly encourage them to voluntarily implement this information reporting in 2014, in preparation for the full application of the provisions in 2015. Real-world testing of reporting systems in 2014 will contribute to a smoother transition to full implementation in 2015.
We recognize that this transition relief will make it impractical to determine which employers owe shared responsibility payments (under section 4980H) for 2014. Accordingly, we are extending this transition relief to the employer shared responsibility payments. These payments will not apply for 2014. Any employer shared responsibility payments will not apply until 2015.
During this 2014 transition period, we strongly encourage employers to maintain or expand health coverage. Also, our actions today do not affect employees’ access to the premium tax credits available under the ACA (nor any other provision of the ACA).
Mark J. Mazur is the Assistant Secretary for Tax Policy at the U.S. Department of the Treasury.
Ron Sanders
SurfKY News
Information provided by Mark Mazur

e-max.it: your social media marketing partner

LIKE SurfKY on Facebook - Click here to LIKE us now.

© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story on social media.

1 DOW 17,813.39
+1.20 (0.01%)    
2 S&P 2,088.87
-0.27 (-0.01%)    
3 NASDAQ 5,116.14
+13.33 (0.26%)    

Stock Report Sponsored by

In Other News...

Man Hospitalized after Early Morning Car Accident

BEAVER DAM, Ky. (11/25/15) — An Owensboro man was taken to the hospital after a car accident early last Sunday morning.… Read More

Most Read This Week

November 24, 2015 9780

Distillery to Operate in Old Graham School…

by SurfKY News
November 20, 2015 9690

Dispatchers Overhear Drug Activity during…

by SurfKY News
November 21, 2015 8658

Injuries Result from Beulah Road Accident

by Doreen Dennis, SurfKY News
November 23, 2015 7473

Relative Charged with Murder, Arson in Deaths of…

by SurfKY News
November 24, 2015 4432

Ohio County Most Wanted - Top 10 - November 24

by SurfKY News

Most Read This Month

November 17, 2015 15371

Ohio County Most Wanted - Top 10 - November 17

by SurfKY News
November 18, 2015 14358

Runaway Teen Returns on His Own

by SurfKY News

Stories Trending Now

November 25, 2015 2051

Man Hospitalized after Early Morning Car Accident

by SurfKY News
November 25, 2015 1954

Hopkins County Crime Stoppers Top Most Wanted -…

by SurfKY News
November 26, 2015 1426

Muhlenberg Sheriff's Office Makes Cocaine Bust

by SurfKY News
November 25, 2015 1187

Students Serve to Learn Life Lesson

by Tammy Holloway, SurfKY News
November 25, 2015 1127

Madisonville Police Reports Released

by SurfKY News
November 26, 2015 1045

Hopkins County Health Department Food Scores…

by SurfKY News
November 25, 2015 980

Hopkins County Sheriff's Reports Released

by SurfKY News
November 25, 2015 913

A.G. Conway Announces $256 Million Settlement…

by SurfKY News
November 25, 2015 910

Two Vehicle Collision Sends Four to Area Hospitals

by SurfKY News
November 25, 2015 779

Thanksgiving is Peak Day for Cooking Fires

by SurfKY News