WASHINGTON – Oct. 1 is fast approaching. Have you told your employees about the new health insurance marketplace?
By the start of next month, the Affordable Care Act requires most employers to have provided all employees, regardless of whether they are part- or full-time and enrolled in the company’s health care plan, with information about the health insurance marketplace, opening for enrollment Oct. 1.
In writing, employers must explain that their employees, depending on their income, may be able to obtain a cheaper plan on the marketplace than from their employer. If an employee’s individual contribution to his or her employer coverage exceeds 9.5 percent of their income and their income falls below 400 percent of the federal poverty level, they will be eligible to receive tax credits to lower monthly premiums for plans purchased on the exchange.
But if they purchase coverage on the exchange, they may lose their employer’s contribution to their health care costs - another fact that must be included in the required notifications.
The notice requirement applies to all businesses subject to the Fair Labor Standards Act. The FLSA generally applies to all businesses with one or more employees who generate at least $500,000 annually.
The U.S. Department of Labor is providing employers with sample notices. One for employers who provide health care can be found HERE. Another for employers who do not provide coverage can be found HERE.
Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.