Richmond, VA (PRWEB) July 07, 2013
On July 2, 2013, the U.S. Treasury Department announced that enforcement of the employer shared responsibility payments of the Patient Protection and Affordable Care Act (PPACA) will be delayed by one year, until 2015, according to Experient Health.
Compliance with the law’s information reporting provisions will be voluntary for 2014, but strongly encouraged. Formal guidance is expected within the next week.
Experient Health will continue to provide additional information through its website after further guidance is published.
The Administration said they recognized the information reporting required by insurers, self-insured employers and others providing health coverage is complex so they will try to streamline the requirements over the next few months through discussions with stakeholders.
Proposed rules on the reporting requirements are expected to be issued this summer.
Without the reporting requirements in place, it would be “impractical to determine which employers owe shared responsibility payments,” according to the post on the Treasury Department’s website.
This means there will be no penalties in 2014 on businesses that don’t meet the requirements of the “employer mandate.”
What’s not changing as a result of these delays:
-Employer Responsibility and Information Reporting Requirements
-Exchanges / Marketplaces
-Individuals’ access to premium tax credits
-Any other PPACA provision
About Experient Health:
For years, Experient Health, a Virginia Farm Bureau company, has helped people find the right insurance coverage and get the most for their health care dollars. The Richmond, Va.-based group is dedicated to providing high quality health insurance options to customers in Virginia, Maryland, and Washington DC. As a result, its consultants, with an average of more than 20 years experience, are intimately familiar with the states’ provider networks, products and regulations.
Representing the top national insurance carriers, Experient Health provides customers with multiple policy options designed to meet wellness needs and financial requirements.
Experient Health grew out of Virginia Farm Bureau and is a “hometown agency” in that it operates a network of more than 100 offices. However, it boasts the resources and technology of larger firms.
Consultants are available online, via phone and through their offices.
Learn more at http://www.experienthealth.com, utilize the online health insurance quote calculator or contact a consultant directly at 855.677.6580.