Last week, the White House announced that it will allow businesses more time to comply with new regulations stipulated under the Affordable Care Act (ACA).
Specifically, the Administration has delayed the mandate requiring businesses with more than 50 employees to provide health care coverage — moving it from 2014 to 2015.
Here’s what the announcement means for your business:
- If you are among the ninety-six percent of small businesses with less than 50 employees, the announcement will not impact your business.
- If you already offer health care coverage to your employees, nothing changes for you either.
- However, if you are among the four percent of businesses that have more than 50 employees and do not offer health care coverage to your employees, the penalty for not doing so will be delayed until 2015.
Less than 10,000 businesses will be affected by this policy — but if you’re one of those employers, you can get all the information you need by visiting https://www.healthcare.gov