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CohnReznick Benefits Quoted in The Bergen Record & North Jersey.com Article on Obamacare
Sunday, September 15, 2013
The article published, Sunday September 15, 2013 in both the Bergen Record newspaper and also on their web portal: New Jersey.com. The article titled: "Employers Face Oct. 1 Deadline to send Out Health Insurance Notices". Asked about the Department of Labor decision last week that employers who don't send out the notices won't face any financial penalties. To read the full article click here.
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Obama Administration Delays ACA Employer Mandate to 2015
Wednesday, July 3, 2013
The Obama Administration has announced the employer mandate originally scheduled to become effective January 1, 2014 will be delayed until 2015. This mandate requires Applicable Large Employers (those with 50 or more full-time equivalent employees) to either:- Offer healthcare coverage to full-time employees and dependents or be subject to penalty assessments, or
- Imposes penalties on employers when any full-time employee goes to a healthcare Marketplace and qualifies for subsidized coverage because an employer's plan does not satisfy minimum value and/or affordability criteria
In addition, the reporting requirements associated with these requirements will also be delayed until 2015.
This transition relief is being implemented to allow the Administration more time to (i) consider ways to simplify reporting requirements and (ii) develop coverage and reporting systems.
While Applicable Large Employers will not face potential penalty assessments in 2014 due to the delay in the employer mandate, all other aspects of the ACA will continue to apply including the establishment of healthcare Marketplaces and the individual mandate that becomes effective January 1, 2014. Employers should continue to prepare for all ACA changes that are not impacted by the administration's announcement such as:
- Issuing the required Marketplace (exchange) notices by October 1, 2013 informing employees about the healthcare coverage that is offered by the employer (including a determination of whether coverage meets minimum value and/or affordability criteria).
- Filing PCOR fees by July 31, 2013 (i.e. self-funded plans with plan years ending October 1, 2012 - December 31, 2012).
- Reviewing strategies to address higher ACA-related costs that include new fees and taxes (PCOR fee, reinsurance fee, insurance industry taxes, etc.).
We will promptly issue an Insights and Implications after the release of formal guidance, which is expected next week.
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