Just In: President Obama has just unveiled an extension…a one-year plan to allow insurers to keep selling existing plans that are about to be cancelled due to the law’s minimum benefits requirements. Read more here.
Franchise owners need to rejoice:
The Obama Administration has just announced that it’s going to delay implementation of the Affordable Care Act’s (ACA) employer mandate and reporting requirements until 2015.
Franchise owners can think about growing their businesses again, I guess.
From The White House blog…
“As we implement this law, we have and will continue to make changes as needed. In our ongoing discussions with businesses we have heard that you need the time to get this right. We are listening. So in response to your concerns, we are making two changes. “
Here they are:
“First, we are cutting red tape and simplifying the reporting process. We have heard the concern that the reporting called for under the law about each worker’s access to and enrollment in health insurance requires new data collection systems and coordination. So we plan to re-vamp and simplify the reporting process. Some of this detailed reporting may be unnecessary for businesses that more than meet the minimum standards in the law. We will convene employers, insurers, and experts to propose a smarter system and, in the interim, suspend reporting for 2014.
Second, we are giving businesses more time to comply. As we make these changes, we believe we need to give employers more time to comply with the new rules. Since employer responsibility payments can only be assessed based on this new reporting, payments won’t be collected for 2014. This allows employers the time to test the new reporting systems and make any necessary adaptations to their health benefits while staying the course toward making health coverage more affordable and accessible for their workers.”
This is great news…welcome news, really, for franchise owners all over the United States.
If you’d like to keep up with changes and updates with regards to The Affordable Care Act, bookmark Healthcare.gov.
Sometimes, our government listens.
So keep talking.
You can even leave some comments here.
Business Tip: You Need To Get Business Owners Policy Insurance