- January 28, 2015
- Posted by: Phil Drudy
- Category: Affordable Care Act, Tax Services, Uncategorized
It seems as though there is a change made to the Affordable Care Act (ACA) every day. Even with the transition relief and recent clarifications, complying with the ACA is a challenge. Below is a summary of the major recent clarifications, upcoming due dates and updates made to the ACA that will help guide you to where it stands today.
Transition relief – Employers that have 50-99 full-time employees are not subject to the employer mandate, which requires applicable large employers to pay a penalty for not providing minimum essential health coverage to a certain percentage of full-time employees, until 2016. (The effective date for employers with 100 or more full-time employees is 2015.) In addition, the percentage of employees required to have health coverage will be phased in. In 2015, the percentage will be 70 percent, and in 2016 and thereafter the percentage will be 95 percent.
Read more at njscpa.org.