Obamacare penalties for businesses: truth and consequences
The Obama administration gave businesses a reprieve when it announced last month it would delay penalties for employers who don’t provide health insurance to workers.
While the decision bought businesses an extra year – companies won’t be penalized for not providing insurance until 2015 – experts say it’s not a good idea to drop current efforts to get compliant with the Affordable Care Act.
The extra time is supposed to make it easier for businesses to navigate the complexities of the law before the hammer falls. This is the time for trial and error, when they won’t be hit financially for early mistakes.