The Affordable Care Act's new Health Insurance Marketplaces (Exchanges) open Oct. 1, and the federal law mandates that employers notify their employees-in writing-of their new healthcare options by that date. This applies to employers engaged in interstate commerce with annual revenue of $500,000 or more, whether they offer healthcare coverage to some or all of their employees or not.The U.S. Department of Labor has published Technical Release 2013-02, which provides temporary guidance and model notices that may be used to fulfill the employer's reporting obligation. The Department of Labor has provided model notices for both employers that do and do not offer health coverage plans.
The Affordable Care Act's new Health Insurance Marketplaces (Exchanges) open Oct. 1, and the federal law mandates that employers notify their employees-in writing-of their new healthcare options by that date. This applies to employers engaged in interstate commerce with annual revenue of $500,000 or more, whether they offer healthcare coverage to some or all of their employees or not.The U.S. Department of Labor has published Technical Release 2013-02, which provides temporary guidance and model notices that may be used to fulfill the employer's reporting obligation. The Department of Labor has provided model notices for both employers that do and do not offer health coverage plans.
Notices must alert employees to the existence of, services provided by, and how to contact the Exchange; that the employee may be eligible for a premium tax credit for the purchase of a qualified health plan through the Exchange; and that the employee's purchase of a qualified health plan through the Exchange may cause the employee to lose the employer contribution (if any) to any employer-sponsored health benefits plan and have certain implications for the employee's tax obligations.
A plain-English explanation of the Affordable Care Act's effects for small businesses is available here.
