Employers have one week to notify their employees
The new Health Insurance Marketplace, as established by the Affordable Care Act, opens for enrollment on October 1, 2013, for coverage starting as early as January 1, 2014. This Marketplace is meant to give individuals and business owners a means to compare and contrast private health insurance options. The Affordable Care Act requires that all employers who are covered by the Fair Labor Standards Act (i.e. those with at least one employee and $500,000 in annual revenue), must notify their employees about the Marketplace by October 1, 2013, even if their company does not currently provide health insurance.
This notice must inform employees:
• About the Marketplace including what it is, the services it provides, the manner in which the employee may contact the Marketplace to request assistance, and when open enrollment begins (October 1, 2013);
• That the employee may be eligible for a premium tax credit if they purchase a qualified health plan through the Marketplace;
• That if they buy insurance through the Marketplace they may lose the employer contribution (if any) to their health benefits.
This notice must be provided to all current employees and to each newly hired employee after October 1, 2013 within 14 days of their hire date. This applies to full and part-time employees.
The Department of Labor has provided two sample notices that employers can use to give to their employees. Please see the links below: