In a move that has brought temporary sighs of relief to many business owners, the US Treasury Department announced on Tuesday, that mandates forcing many small businesses to provide employee health insurance, will be delayed for one year. The decision to postpone many of the new healthcare law's provisions, comes at a time when many were claiming the timeframe was simply impossible to adhere to.
Under Obama's healthcare plan, businesses who employ more than fifty people are required to offer health benefits to all full-time employees. The original plan called for steep fines to be imposed on any business failing to provide affordable coverage to its staff; fines which could be enforced if any employees were to enroll in government-subsidized health insurance exchanges. This was to be enforced beginning on January 1st of 2014.
Time Extension for Larger Businesses
Tuesday's announcement means that businesses with more than 50 employees will have a bit of breathing room, as the new roll-out is slated for 2015. This is great news to many corporations, especially those who were expected to be hardest hit by the tax penalties, such as hospitality, large retail chains, and many more. On the flipside, it also means that many of the employees of these larger companies will remain responsible for their own health benefits.
This decision does not change the outlook for individuals, however. Effective January 1st 2014, individuals and families can be fined up to 4% of their annual income, if they do not purchase health insurance through one of the major carriers, or an approved health insurance exchange. It will be interesting to see if there is any push at the grassroots level, to offer this same freedom to individuals; many of whom remain completely in the dark as to what's coming.
Questions on Obamacare in Chicago
If you would like to know more about how Obamacare will affect your business, call Premier today to discuss your situation. We are a locally-owned and operated health insurance agency, specializing in employee healthcare plans, family health insurance, individual plans and more. Our staff has been on top of the Affordable Care Act since day one, and is here to address any concerns you may have.
Call or e-mail Premier today at 800-369-0287 for answers to all of your Healthcare Reform questions, and thanks for making us the leading provider of health insurance in Chicago, as well as the Chicago suburbs.