An important deadline for employers regarding the Affordable Care Act, or Obamacare, is just around the corner.
By October 1, 2013, employers must notify employees of the coverage options available on health insurance marketplaces or exchanges. The requirement applies to companies with one or more employees and not less than $500,000 in annual business – in other words most employers.
Moreover, employers must provide the notice regardless of the employee’s plan enrollment status or whether the individual works part-time or full-time.
Many employers thought they could take a breather from thinking about Obamacare when the President delayed implementation of the employer mandate until January 1, 2015. Not so! The delay did not change many other deadlines, including this notice requirement.
Technically, the requirement is contained in the Fair Labor Standards Act, section 18B. The law, among other things, requires employers to provide written notice of the existence of the new health insurance marketplace, as well as descriptions of services provided and relevant contact information for employees.
Also, employers must notify employees that they may be eligible for a tax credit under the new health care law, and that they may lose the employer contribution to any health benefits plan offered by the employer if they purchase insurance through the marketplace.
The impending Obamacare notice requirement may have caught you unaware. Barger & Wolen attorneys are available give a presentation to your company about how to comply.