Yesterday Mark Mazur, Assistant Secretary for Tax Policy at the Department of Treasury, issued an official statement that the reporting requirements of the Affordable Care Act (ACA) are being delayed until 2015. The reporting process is the means by which Treasury will determine penalties for large group employers not offering qualified coverage. The delay of the reporting requirements means they will not be enforcing the “pay or play” penalties associated with the “employer mandate” of the ACA. Treasury rightly recognized that most large employers do offer affordable and quality health plans to their employees and dependents.
It is important to recognize that only the reporting and penalty aspects of the ACA are being delayed. These are the elements of Healthcare Reform that are not changing as a result of these delays:
· The Exchanges/Marketplaces and required employee notifications
· Small group community rating and plan design changes
· Benefits changes due to the Essential Health Benefit mandates
· The individual mandate
· Individuals’ access to premium tax credits
· Any other PPACA provision
Bridgeport will continue to keep you informed as developments occur. One great way to stay informed regarding the latest information regarding the ACA will be our Health Reform Seminar July 18 at the Los Angeles Athletic Club. This is an important opportunity to learn the latest on Healthcare Reform and how it effects your organization specifically. Our ERISA attorney, Christine Roberts, will be on hand to answer questions and give the keynote speech. We would be honored if you would join us, CLICK HERE TO RSVP FOR THIS EXCLUSIVE EVENT.
You can read the full text of the Treasury announcement BY CLICKING HERE.