Obamacare: Businesses Get 1-Year Delay to Provide Coverage

Individuals must still have health insurance by Jan 1

   

obama Obamacare: Businesses Get 1 Year Delay to Provide CoverageThe Obama administration announced Tuesday that part of the Affordable Care Act would be delayed until 2015.

The part being delayed requires employers with over 50 workers to provide healthcare for employees or pay a fine.

“As we make these changes, we believe we need to give employers more time to comply with the new rules,” Valerie Jarrett, a senior adviser to President Obama, told USA Today. ”Since employer responsibility payments can only be assessed based on this new reporting, payments won’t be collected for 2014.”

The delay won’t affect the part of the law that requires individuals to have healthcare by Jan 1.  Sign up for new policies start Oct. 1, reports USA Today.

Republicans are using the delay to argue against the healthcare reform.

“This announcement means even the Obama administration knows the `train wreck’ will only get worse,” House Speaker John Boehner, R-Ohio, told the Associated Press. “This is a clear acknowledgment that the law is unworkable, and it underscores the need to repeal the law and replace it with effective, patient-centered reforms.”


Article printed from InvestorPlace Media, http://investorplace.com/investorpolitics/obamacare-businesses-get-1-year-delay-to-provide-coverage/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.