The federal government announced today that companies employing between 50-99 full-time workers have until 2016 to comply with the mandate to offer health insurance as part of the Affordable Care Act (or "Obamacare").
Businesses who claim the exemption for 2015 should be advised that they will be required to certify under penalties of perjury that they did not reduce their workforce to fewer than 100 employees in order to qualify.
Large employers (those with100 or more full-time employees) were also given a break. The original rules required that they offer coverage to 95% of their full-time employees beginning in 2015. This requirement has been reduced to 70% in 2015 and 95% starting in 2016.
No postponement to the individual mandate requiring health insurance for virtually all Americans this year was made.
We will be bringing you more information on this and the Affordable Care Act as it becomes available. If you have any questions on the content of this alert, please contact your engagement partner.