On February 10, 2014, the federal government announced another delay in Obamacare’s rollout. The announcement contained two notable changes to the already delayed mandate. The government will now exempt employers that have between 50 and 100 full-time employees (as defined in the regulations) from complying with the mandate to offer coverage until 2016. Prior to this announcement, employers with 50 or more full-time employees that did not comply with the mandate would face penalties of at least $2,000 and up to $3,000 beginning in 2015. The enforcement date for employers with 100 or more full-time employees has remained unchanged.
Monday’s announcement also outlined one change for employers with greater than 100 employees. These large employers will now only have to offer affordable insurance coverage to 70 percent of their full-time workers by 2015 in order to comply with the law. This is down from the 95 percent that was originally proposed.
If you have questions regarding your specific situation, please feel free to contact your Keiter professional, or email JFlinchum@keitercpa.com