Deadlines and Delays for the Affordable Care Act

The Affordable Care Act has been back in the news lately, and there are several changes and deadlines you should be aware of.

First, the employer mandate has been delayed until January, 2015. This component, originally set to go into effect January 1, 2014, requires employers with more than 50 fulltime employees to provide health insurance or be fined up to $3000 per uninsured worker.  Although the delay gives you a bit of breathing room, it’s a good idea to begin planning now for how you will meet the requirement. Providing healthcare coverage is one of the best ways to attract and retain your top talent.

Another delay is the requirement for state run exchanges to verify whether individuals have employer-sponsored healthcare insurance. Those without employer-sponsored coverage can get tax credits to purchase individual plans. Exchanges will have until 2015 to develop their individual coverage verification process.

The individual mandate, requiring all individuals to have healthcare coverage, is still set to go into effect January 1, 2014, although there is some push to delay this mandate in light of the employer mandate delay.

Mark October 1, 2013 on your calendar. Starting that day you must provide information to all current and newly hired employees about the availability of health exchanges, using the Model Notice to Employees of Coverage Options.

We will continue to keep you posted as new changes and clarifications about the Affordable Care Act are released.