Medical Insurance Penalties Rapidly Approach

CliftonLarsonAllen (1)

Author: Marni Spence, CPA, Principal
Manufacturing and Distribution, CliftonLarsonAllen LLP

Small employers received some relief this year when steep penalties for employer payment plans were extended to June 30, 2015.

These $100 per day per employee penalties apply when employers pay for or reimburse an employee’s individual health insurance premiums rather than provide employer sponsored group insurance. All employers were originally expected to comply by January 1, 2014, but transitional relief granted small employers (less than 50 employees) an extension through June 30, 2015.

I would like to say that I am not one bit concerned that this extension period gives small businesses time to comply with the rules. But we still get calls and questions from a lot of misinformed people who don’t understand these rules. I often find examples are key in explaining these regulations.

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