Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster
Davis Motor Sales banner ad

ObamaCare Penalties Postponed

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

© Copyright 2014 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 by using one of the social media links below.

Posted on 2/2/14

SurfKY TV

2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013

Stock Report

1 DOW 16,614.81
+215.14 (1.31%)    
2 S&P 1,941.28
+37.27 (1.96%)    
3 NASDAQ 4,419.48
+103.40 (2.40%)    
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013

Most Read This Week

October 17, 2014 11718

UK Women's Soccer Welcomes Ole Miss, No. 5/4…

in General Sports For All Sites by UK Athletics
October 20, 2014 5064

Uncle Lee's in Greenville is Closing Its Doors…

in Local (Muhlenberg) Top News by www.unclelees.com
October 15, 2014 3770

Family Business, Graphics Pros to Open Friday

in Top News For All Sites by Shawn Freels
October 15, 2014 3622

Chamber Meeting and More Announced

in Local (Muhlenberg) Top News by Dorothy Walker
October 17, 2014 3543

Single Vehicle Collision Results in One Injury

in Local (Muhlenberg) Top News by Trooper S. C. Recke
October 19, 2014 3464

Kentucky Energy Department Releases Virtual Solar…

in General News For All Sites by Dick Brown
October 15, 2014 3430

Madisonville Police Arrest Reports - Oct. 15, 2014

in Hopkins News by Madisonville Police Department
October 15, 2014 2926

Woman Arrested for Domestic Dispute in the Street

in Local (Hopkins) Top News by Madisonville Police Department
October 16, 2014 2754

Madisonville Police Arrest Reports - Oct. 16, 2014

in Hopkins News by Madisonville Police Department
October 17, 2014 2701

Woman Arrested at Taco Bell for DUI

in Local (Hopkins) Top News by Madisonville Police Department

Stories Trending Today

October 20, 2014 5064

Uncle Lee's in Greenville is Closing Its Doors…

in Local (Muhlenberg) Top News by www.unclelees.com
October 20, 2014 2541

Man Charged for Assaulting Pregnant Wife

in Local (Hopkins) Top News by Madisonville Police Department
October 21, 2014 2212

UPDATE: Pedestrian Struck by Vehicle on Shamrock…

in Local (Hopkins) Top News by Officer C.P. Haynie
October 20, 2014 1834

Man Arrested for Shoplifting, Assaulting Police…

in Local (Hopkins) Top News by Madisonville Police Department
October 20, 2014 1727

Hopkins County Sheriff's Arrest Reports Released

in Hopkins News by Sheila Hopper
October 20, 2014 1639

Hopkins County Board of Education Recognizes…

in Local (Hopkins) Top News by Tammy Holloway, SurfKY News
October 20, 2014 1613

Paul Simon Headlines COPD Tribute for Phil Everly

in Top News For All Sites by Paul McRee, SurfKY News
October 20, 2014 1578

Madisonville Police Arrest Reports - Oct. 20, 2014

in Hopkins News by Madisonville Police Department
October 20, 2014 1520

Muhlenberg Community Hospital Prepares for…

in Local (Muhlenberg) Top News by Erin Warren
October 20, 2014 1410

KU and LG&E to Fund Qualified Tree-Planting…

in General News For All Sites by Cliff Feltham

SurfKY News Group, Inc.
1125 Nebo Rd.  •  Madisonville, KY 42431
270.452.2727 (phone)
  •  270.452.2249 (fax)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social fbsocial twsocial yt
social gpsocial flrsocial rss