Health care

Obama Administration Postpones Large Employer Health Care Mandate Until 2015

The requirement that businesses provide their workers with health insurance or face fines – a key provision contained in President Obama’s sweeping health care law – will be delayed by one year, the Treasury Department said Tuesday.

The postponement came after business owners expressed concerns about the complexity of the law’s reporting requirements and some viewed it to be a potential job killer in an already struggling economy. Under the Affordable Care Act, businesses employing 50 or more full-time workers that don’t provide them health insurance will be penalized. The extra year before the requirements go into effect will allow the government more time to assess ways to simplify the reporting process for businesses.

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Planning for the Medicare 3.8% Tax- Net Investment Income, Deductions and More

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Health Care Reform Updates

The U.S. Supreme Court on Thursday declared the mandate in Sec. 5000A, requiring U.S. citizens and legal residents to maintain minimum essential health coverage, to be a permissible exercise of Congress’s taxing powers under the Constitution.

So what does this mean for you?

  • Individual mandate to take effect starting 2014
  • All tax provisions upheld
  • Penalty on states for refusing expanded medicaid unconstitutional
  • Premium assistance tax credit to help offset cost of coverage
  • Limits on health FSAs and other arrangements continue
  • Small employer health insurance tax credit preserved
  • Codified economic substance doctrine sustained 

Those are the highlights, but there are plenty of other details involved in the new legislation.

For additional articles, click here (CCH) and here (JOA)