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The individual mandate set forth by the Affordable Care Act under Obama’s administration required most Americans to carry a minimum level of health coverage. President Trump’s tax bill that passed late last year repealed the individual mandate requirement, starting in 2019. The employer mandate, which requires companies with more than 50 full-time employees to provide health benefits to eligible employees or face penalties, is still in full force.
According to BenefitsPro, more than 30,000 businesses nationwide are receiving penalty notices that lack of coverage offered will result in large fines. The current IRS notices going out are for the 2015 tax year, and penalty notifications for 2016 and 2017 are expected to follow close behind.
It appears that the employer mandate and the employer reporting requirements will be here to stay for a while, but it is certainly something to keep an eye on, as Republicans may continue to push for full repeal or at least soften the requirements for employers.
If you have any questions about the employer mandate requirements, contact your insurance broker or a representative at Freedom Services to assist you.
BenefitsPro “Is Obamacare dead? No one told the IRS” By Marlene Satter
SHRM “What Individual Mandate Repeal Means for Employers” by Stephen Miller, CEBS
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