The deadline of October 1, 2013 is fast approaching for employers to provide the required employee notice about ACA’s health insurance exchanges. ACA requires employers to provide all employees with the notice by October 1, 2013. Any new employees after this date must be provided notice at the time of hire.
The notification requirement applies to any business regulated under the Fair Labor Standards Act, which covers all companies with at least one employee and $500,000 in annual revenue. There are no exceptions for small employers, which means nearly everybody has to get out this notice to their employees. It’s not clear how the requirement will be enforced, but penalties for businesses that don’t comply could reach $100 per worker per day.
Navigating the new health care reform law will be tricky. It’s important to have someone on your side advocating for you. Fine Point works with Michelle Finch at Baer Insurance. Let us introduce you or contact her directly at firstname.lastname@example.org or 608-830-5828.
UPDATED 9/13/13: “The Department of Labor asserted this week that there is no fine or penalty under the ACA for failing to provide employees with Exchange Notice”
Photo credit: Pedro Salinas