In 2006, Massachusetts passed Healthcare Reform that is sometimes called RomneyCare. This law levied penalties on individuals and employers, with 10 or more employees, if certain standards were not met regarding their health insurance.
Earlier this year, the Commonwealth of Massachusetts repealed their Employer Fair Share penalty effective January 1st, 2014. Ironically the Federal penalty, passed through the Affordable Care Act (ACA)or ObamaCare, on employers does not start until January 1st, 2015.
As result in 2014, employers will not be subject to either a Commonwealth of Massachusetts or Federal penalty regarding their group sponsored health insurance plan. In addition, Obamacare will only apply to groups of 50 or me in 2015, while RomneyCare applied to groups of 10 or more.
Not only will 2014 provide a break for all employers in Massachusetts, but in 2015 the Federal penalty will only apply to employers with 50 or more. Employers under 50 should be have happy!!
On the individual side, however, the ObamaCare individual mandate penalty does start in 2014. At the same time the RomneyCare individual mandate penalty has not been repealed!!! Individuals, who do not have health insurance in 2014, will be penalized on both a Federal and State level.