Many of you are familiar by now with several of the provisions of the Affordable Care Act such as the healthcare exchanges and the potential penalties for lack of coverage. You probably also have heard the the penalty provision that applies to employers with over 50 employees has been delayed until 2015. But did you know that there is a new notice requirement for employers which still takes effect this October 1, 2013?
Any employer with more than $500,000 in annual revenue and at least one employee must provide written notice to all existing employees — regardless of benefit enrollment status or full or part-time status — about health coverage options, including notification about federal and state health insurance marketplaces. The notice can be provided either by mail or electronically. In the future, this same notice will need to be provided to all new employees within 14 days of their start date.
The Department of Labor has provided two model notices, one which is appropriate for employers who don’t offer coverage, and another for employers who do provide benefits. Click here for a link to their website to view the model notices.