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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