As an employer, you will be facing many changes in the next few years with the implementation of Obamacare. If you have been regularly checking the news, you will know that a major part of Obamacare has been delayed: the employer mandate. The implementation date of the employer mandate has now been pushed backed to 2015. You may think, “Phew – I have another year.” But, you don’t; you need to start preparing right now! There are many factors you need to learn in order to decide which actions to take. You also need to know when certain parts of the law are being implemented. So, when does Obamacare start? What are the dates you should be looking for?
Obamacare came into law on March 23rd, 2010, and much of the law has yet to be implemented. The following are important dates for your business:
- On October 1, 2013, individual exchanges opened to the public. You must notify your employees of these exchanges and what they will provide.
- On January 1, 2014, the individual mandate was put into effect, which means that individuals who do not have health insurance in 2014 will be penalized in 2015.
- In 2014, employers with up to 50 full-time and full-time equivalents can purchase insurance in the SHOPs.
- Beginning January 1, 2015, the IRS will start assessing penalties to employers who do not comply with the regulations of Obamacare.
So now that you know some of the dates to look out for, what do you do? In order to know what actions to take regarding Obamacare, you must understand the new regulations and penalties that come with it. You will need to know the new reporting requirements, the penalties for not complying, how to comply with the insurance requirements, how to determine if you are a large employer or small employer, and much more.
Using TimeForge’s vast experience in developing labor management software for various businesses, our team has done extensive research on Obamacare and put it all the answers in one place. TimeForge has developed a book called “Obamacare: A Handbook for Employers” that is specifically designed for employers and contains all the information they need to know about Obamacare.