Key Affordable Care Act Provisions Postponed
On July 3, 2013, the U.S. Department of Treasury made two key announcements related to the Affordable Care Act implementation:
1. Employer and insurer coverage reporting is not required until 2015 (although entities are "encouraged" to voluntarily report).
2. Employer shared responsibility payments are not required until 2015.
The federal government made the decision to postpone implementation of its Shared Responsibility and Reporting Requirements provisions because of the massive implementation requirements.
Please note that, at the present time, Massachusetts-based requirements for employers and individuals continue to exist and that this delay applies to the federal Affordable Care Act requirements only.
Since this is a fluid situation, we will analyze further guidance from federal and state regulators when it is released and keep you informed about any new developments.
For more information, read the Department of Treasury blog post.