Yesterday, the U.S. Treasury Department announced that it is taking technical steps to delay until 2015 two key provisions of the Affordable Care Act:
- the "pay or play" penalty provisions; and
- employer (and insurer) reporting.
Now employers will not have to worry about paying either the $2,000 or the $3,000 penalty in 2014 if they do not offer affordable essential healthcare coverage to enough of their workforce.
The Treasury Department indicated it is implementing this delay to provide employers additional time to comply with the above requirements. Other aspects of the Affordable Care Act are not affected.