The treasury department announced on Tuesday that the employer mandate of the Affordable Care Act (aka Obamacare), originally slated to become effective January 1, 2014 will now be delayed by a year.
The employer mandate requires all employers with over 50 full-time employees to provide their employees health care coverage, or pay a fine.
Mark J. Mazur, Assistant Secretary for Tax Policy, explained that the delay was done to meet two goals, first to allow time to simplify the reporting requirements of the law and second to allow employers more time to become compliant.
The Obama administration hopes to publish new formal guidelines regarding this transition within the next week.
Check back for more information as it becomes available. Blalock Walters’ Health Care Group are available to answer your questions.