Hospitality Industry Insurance Risks: Hotel And Restaurant Owners Relieved By Obama Administration’s One-Year Delay Of “Affordable Care Act (ACA)”; “Law Is Too Complicated And Costly”

“…employers are relieved that federal officials are delaying penalties for businesses that fail to provide health insurance for their workers, but they say the reprieve does not clear up worries that the requirement is too complicated and too costly…the hotel has 70 employees, many of health insurance nationalwhom do not buy the insurance coverage the hotel offers. The Ramada Inn pays half the cost of the insurance. Business leaders said the delay was inevitable…(employers) have not seen this big a change this ill-defined this close to the deadline…the question still is how this works, what we have to pay and what are the options…it’s just in terms of whether (employers are) going to be able to understand it…”

Businesses with more than 50 employees were to face escalating tax penalties if they did not provide workers with acceptable health insurance coverage by January 2014 as required in the national health overhaul law. President Barack Obama’s administration announced Tuesday it was pushing the deadline back to January 2015 because of confusion about the requirement.

The one-year reprieve is only for businesses. Individuals still must have insurance by 2014 or face penalties, and new online marketplaces called exchanges will help them find coverage, often at subsidized rates.

For more:  http://rapidcityjournal.com/news/businesses-relieved-by-insurance-delay/article_88b8e75c-e4fc-11e2-9b88-001a4bcf887a.html

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