Health Care Reform
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The health care reform measure that was signed into law in 2010 contributed dozens of new buzz-phrases to the vernacular of health care, including employer mandate, individual mandate, Cadillac plans, and full-time equivalents (FTEs).
The ACA Employer Mandate / Employer Penalty, originally set to begin in 2014, was delayed until 2015 / 2016. ObamaCare’s “employer mandate” is a requirement that all businesses with 50 or more full-time equivalent employees (FTE) provide health insurance to at least 95% of their full-time employees and dependents up to age 26, or pay a fee. ($2,000 per employee)
Restaurants and other small businesses scored a major victory Thursday when the Senate followed the House’s lead and passed the Protecting Affordable Coverage for Employees (PACE) Act.
Friday’s Supreme Court decision upholding a major element of the Affordable Care Act ensures that the ACA remains the law of the land — but it doesn’t take away from the need for Congress to make reasonable, common-sense changes to the law, the National Restaurant Association said.
With the Affordable Care Act’s individual mandate in effect, nearly all Americans are required to purchase health insurance or face a possible tax penalty. More people are turning to “exchanges,” also known as marketplaces, to buy plans.
The Treasury Department and Internal Revenue Service have released draft forms that give businesses some idea about the voluminous data they’ll need to start tracking in 2015 under the Affordable Care Act, for reporting to the IRS and employees starting in early 2016.