This just came from my payroll company. On July 2, 2013, The Obama Administration postponed the effective date of the employer mandate portion of the Affordable Care Act to January 1, 2015. We did some research to determine exactly what is included in this delay and have outlined our findings below. Q. What has been delayed? A. The only thing that has been delayed are the requirements scheduled to be imposed on those companies with 50 or more full time employees. This includes: Offering minimum essential coverage to 95% of full time employees Company paying minimum value (60 percent) coverage to full time employees Considering employees who average 30 or more hours per week full time for purposes of their health plan Counting employee hours to determine whether they average 30 or more hours per week. Q. What’s still required? A. The delay in the play or pay requirement does not affect the insurance market reforms. This means that these requirements are still scheduled to go into effect as of the start of the 2014 plan year (with penalties of up to $100 per person per day for non-compliance.) These requirements apply to all plans except as noted: Waiting periods cannot be more than 90 days from the date the employee becomes eligible All pre-existing condition limitations must be removed. The out-of-pocket maximum cannot exceed $6,350 for individual and $12,700 for family coverage. Essential health benefits may not have annual dollar limits. Grandfathered plans must cover dependent children to age 26 even if the child has access to his/her own employer-provided coverage. The new wellness program requirements For small insured plans, whether in or outside the exchange, coverage must include the essential health benefits, at the bronze, gold, silver or platinum level, with a deductible of not more than $2,000 for individual and $4,000 for family coverage.
Posted on: Tue, 06 Aug 2013 23:15:21 +0000
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