Feds grant small firms huge Obamacare break
If you thought you caught a huge break when the feds delayed Obamacare’s employer mandate last summer, you’re not going to believe IRS’ latest move.
Many employers thought they caught a huge break when the feds announced a one-year delay to the employer mandate last summer.
And now there is even better news regarding that health reform law.
New two-phase system
Instead of one delay, the feds decided to roll out a two-phase installation of the employer mandate. That essentially gives medium-sized firms another year to prepare.
Eventually, the new mandate will require all businesses with 50 or more “full-time equivalent” (FTE) employees to provide “affordable” health insurance to 95% of those FTEs or pay federal penalties for not doing so. Here are the two phases of the new employer mandate:
- Part 1: Employers with at least 100 full-time employees can avoid federal penalties if they offer affordable cover to at least 70% (instead of 95%) of workers by Jan. 1, 2015. The 95% requirement has been delayed until the start of 2016.
- Part 2: Employers with between 50 and 99 full-time employees will be required to offer affordable coverage to 95% of those employees by Jan. 1, 2016 (rather than 2015), to avoid penalties.
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